Mastercard Acquires Aiia to Extend Open Banking Coverage

The global technology company in the payments industry Mastercard announced on Tuesday it has entered an agreement to acquire Aiia, a European leading open banking platform, for the purpose of extending its open banking reach.

Open banking is democratizing financial services by putting consumers at the center of where and how their data is used to provide the services they want and need. Fintechs and banks use this consumer permissioned data to provide easier and more inclusive access to credit, personal financial management, digital wallets and payments services. And Mastercard plays a key part in this ecosystem as a trusted intermediary and secure data network.

"The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are,” said Craig Vosburg, Chief Product Officer, Mastercard. “As open banking continues to ignite innovation, we’re committed to providing a unique set of technology platforms, data connectivity and infrastructure combined with data privacy and security principles. This will help fintechs and financial institutions innovate, gather feedback and scale faster and more effectively than ever to power smarter, more meaningful experiences.”

Currently, Aiia’s open banking platform and expertise include strong API connectivity and payment capabilities. Aiia has brought to life a unique model for open banking in Europe, driven by data privacy, security, quality and access. Its customer-centric approach and ambition to create open banking that simply works complements Mastercard’s existing distribution channels, technology and data practices.

The deal is expected to close by the end of this year, and is subject to customary closing conditions. Terms of the agreement were not disclosed.

Last month, Fazzaco reported that Mastercard has expanded the partnership with NatWest​, a major retail and commercial bank in the United Kingdom, to extend reach of Pay by Bank app (PbBa).