Paytrail, Mastercard Reach Milestone in Monthly Open Banking Payments

Paytrail and Mastercard's partnership through Aiia - an open banking platform, is now enabling more than one million open banking payments each month.

Paytrail and Aiia have been in collaboration since 2019, aiming to accelerate open banking powered payments in ecommerce checkouts. Paytrail currently enables ecommerce for more than 20,000 merchants and online shoppers.

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Joni Rautanen, COO of Paytrail, said: "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, commented: "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, formerly Nordic API Gateway, was purchased by Mastercard in September 2021. Aiia has more than 3,000 connected banks across 18 European markets.

Source: Finextra