Paytrail and Mastercard pass monthly open banking milestone

The partnership between Paytrail and Mastercard through Aiia – an open banking platform, now enables more than one million open bank payments every month.

Paytrail and Aiia have been collaborating since 2019, with the aim of accelerating open banking-based payments at e-commerce checkouts. Paytrail currently enables e-commerce for over 20,000 online merchants and shoppers.

Joni Rautanen, COO of Paytrail, said: “Without the cooperation, we would have had to build the interface integration with the banks ourselves and that would have been a very difficult task. The simple integration with Aiia allowed us to quickly get the solution up and running to offer thousands of merchants the ability to take advantage of payments powered by open banking.

Katharina Luschnik, Vice President of Product Sales at Aiia, commented, “Open Banking e-commerce payments are convenient for consumers because they enable a faster checkout process, paying through an interface the consumer trusts. at his bank. The flow itself contains a built-in SCA (Strong Customer Authentication) and therefore reduces the steps required to complete a transaction when shopping online. Paytrail is the perfect example of a payment service provider leading the change for a premium online shopping experience and adapting its solution to customer demands. We are excited to join Paytrail in its future journey towards greater convenience in the e-commerce landscape”

Aiia, formerly Nordic API Gateway, was acquired by Mastercard in September 2021. Aiia has more than 3,000 connected banks in 18 European markets.