Mastercard has entered an agreement to buy European Open Banking business Aiia.

Aiia’s platform enables companies and financial institutions to integrate financial data and account-to-account payments into their services for millions of European citizens.

The company currently provides connections to over 2,700 banks across Europe, processes more than 10 million bank logins, and more than a million account-to-account payments every month for large banks and e-commerce payment gateways.

The move is part of the financial services company’s wider Open Banking strategy.

In 2019, the company launched its first Open Banking connectivity offering in the UK and Poland through a partnership with Token.

Last year, Mastercard purchased Finicity, which provides a digital budgeting tool as well as data access services.

“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,” said Craig Vosburge, chief product officer, Mastercard. “The addition of Aiia anchors our European Open Banking efforts and allows us to continue to meet our customers where they are.”

Vosburge added: “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.”

Share Story: