Mastercard to acquire European open banking technology provider

The terms of the agreement were not disclosed

Mastercard

Mastercard to acquire European open banking technology provider. Source: shutterstock.com

Mastercard has entered into an agreement to acquire Aiia, a European open banking technology provider offering a direct connection to banks through a single API.

The value of open banking comes through empowering consumers and businesses to use their own data to obtain financial services solutions simply, securely and quickly. The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are. 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
Craig Vosburg, Chief Product Officer, Mastercard

According to the press release, Aiia’s open banking platform and expertise complement Mastercard’s existing distribution channels, technology and data practices.

The connectivity of Aiia in Europe will enable Mastercard to deliver the credit decisioning and credit scoring applications of Mastercard’s Finicity to European clients.

Similarly, the connectivity of Finicity in the US is expected to help deliver the account information services and payment applications of Aiia to US clients – giving customers globally easier, faster and safer access to open banking services.

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