Paytrail, Mastercard Reach Monthly Open Banking Milestone

Paytrail and Mastercard’s (NYSE: MA) partnership via Aiia, an Open Banking platform, is now supporting over 1 million open banking payments every month.

Paytrail and Aiia have reportedly been working together since 2019, as they focus on supporting Open Banking enabled payments via digital commerce checkouts.

Paytrail currently supports e-commerce for over 20,000 merchants and online shoppers.

Joni Rautanen, COO of Paytrail, stated:

“Without the cooperation, we would have had to build the interface integration with the banks ourselves and it would have been a very challenging task. The simple integration with Aiia has made it possible for us to get the solution up and running fast to offer thousands of merchants the opportunity to leverage open banking powered payments.”

Katharina Luschnik, vice president, product sales of Aiia, remarked:

“Open banking ecommerce payments are convenient for consumers as they enable a faster checkout process, paying through an interface that the consumer trusts with their bank. The flow itself holds embedded SCA (Strong Customer Authentication) and therefore reduces steps in successfully getting a transaction through when shopping online. Paytrail is a perfect example of a payment service provider that is leading the change for a best-in-class online shopping experience and fitting their solution towards customer demands. We’re thrilled to empower Paytrail on their future journey towards increasing convenience in the eCommerce landscape”

Aiia, previously Nordic API Gateway, was acquired by Mastercard in September of last year.

Aiia reportedly has over 3,000 connected banks across 18 different European markets

As covered recently, Spire, a GCC Open Banking services provider, has announced a partnership with Mastercard, a technology leader in the global payments sector.

The collaboration will “help banks revolutionize consumer engagement and enhance user experiences in the region by integrating Spire ‘Ingage’ and Mastercard’s Merchant Identifier solution.”

Spire “Ingage” is an AI-driven financial wellbeing platform “for retail banking customers, which provides smart budgeting, smart savings, smart lending, proactive bill management, and real-time financial reminders to help simplify consumer finances and financial decision making.”

Mastercard’s Merchant Identifier solution will be “integrated to provide real-time merchant data into different categories, formatted to be relevant and recognizable to banks as well as their customers.”

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