Nexi and Mastercard (NYSE: MA) have teamed up to advance Open Banking Payments Across Europe.
Mastercard’s open banking technology to “enable more choice and power seamless, secure digital payments across Europe in partnership with Nexi.”
Nexi has chosen Mastercard as its strategic partner “across Europe to support open banking account-based payments.”
Through this partnership, Mastercard Open Banking will “facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe.”
Together, Mastercard and Nexi will build “an integrated digital payment ecosystem by advancing Mastercard Open Banking-powered solutions that offer secure, seamless payment experiences with more choice for consumers when shopping online.”
Unlike more traditional payment options, open banking “allows anyone with a bank account to initiate swift digital payments to a merchant’s account.”
Payments are initiated directly “through existing authentication protocols with a consumer’s bank, including biometrics, to retrieve the necessary information to execute a payment, making the experience easy and efficient.”
Benefits for merchants include real-time payment authorization and settlement, enabling quick access “to funds and improved management of cashflow and revenue streams.”
By leveraging innovative technologies and payment methods, merchants can “better align with heightened customer expectations for fast and frictionless payment experiences in the digital landscape.”
Bart Willaert, EVP, International Open Banking at Mastercard, said:
“We are excited to lead the development of an account-based payment method that will make online purchases more seamless and secure as well as expand payment choice in partnership with Nexi. We have been powering and protecting our global payments network and the broader digital ecosystem for more than five decades, and now Mastercard’s innovative open banking technology will offer consumers and businesses across Europe access to more innovative payment experiences.”
Omar Haque, Head of eCommerce at Nexi, said:
“We are thrilled to announce our strategic collaboration with Mastercard, through which we will harness the power of its open banking solutions in Europe to scale and enhance our capabilities, and boost customer convenience in payments. By partnering with Mastercard and capitalizing on its leadership and expertise in open banking, as well as its trusted payments infrastructure, we further enhance our ability to facilitate the transition to a digital-first payments landscape in Europe.”