Payments giant Mastercard has completed its planned acquisition of Utah-based financial data aggregation service provider Finicity.

Finicity provides customers with access to real-time financial data and insights across North America.

The takeover comes after Mastercard received the green light from the US Department of Justice (DOJ) to go ahead with its planned acquisition of Finicity.

The deal, announced in June this year, was valued at $825m.

Finicity shareholders were offered the provision to earn up to another $160m on the fulfilment of certain performance targets.

Finicity supports Mastercard’s open banking strategy for banks, merchants, fintechs and governments.

The company has ties with banking, lending and wealth management ecosystem in North America.

It supports its connections via open banking APIs and clear consumer approvals.

Mastercard will use Finicity’s new analytics platforms to streamline credit decisioning for small businesses and consumers.

The payments giant will also integrate its platform with Finicity’s account owner verification tools to ramp up ACH and real-time payments experience.

Mastercard North America president Craig Vosburg said: “Today is a great milestone as we continue to build out the solutions that deliver on the potential of open banking.

“We now turn our focus on bringing these two talented teams together.

“That starts with our shared commitment to consumer-centric data practices to create more value for consumers and businesses from the information in their account and give them more control in how that data is used.”

Finicity’s acquisition by Mastercard follows a similar move by rival Visa, which agreed to snap up fintech Plaid for $5.3bn.

Visa, through this deal, aims to cooperate more closely with fintechs. The deal was cleared by the UK Competition and Markets Authority (CMA) in August 2020.

However, the DOJ filed a civil antitrust lawsuit to block the deal saying that it could negatively impact competition in the payments sector and prevent disruption of Visa’s online debit monopoly.