Paytrail and the Mastercard team to boost Open Banking

Paytrail, a Finnish online payment company, announced on Monday (July 4th) that its partnership with Mastercard helps facilitate more than one million open bank payments each month alongside Aiia, an open banking company owned by Mastercard.

Paytrail and Aiia have been working together since 2019 to accelerate open bank payments made during the e-commerce payment flow. Powered by Mastercard’s open banking platform, Paytrail would offer more payment options and help enable a “simpler” online payment experience.

There are fewer steps involved in making a payment using this method, according to the announcement, with the payment being initiated directly by the bank, rather than manually filling in payment details or switching. between applications or interfaces. It will also allow merchants to offer a fully integrated solution in the payment environment, providing greater convenience.

Paytrail COO Joni Rautanen said the company has been working with Aiia for some time and the new collaboration should be helpful.

“Without the company, we would have had to build the interface integration with the banks ourselves and that would have been a very difficult task,” Rautanen said. “The simple integration with Aiia allowed us to quickly get the solution up and running to provide thousands of merchants with the ability to take advantage of open banking-based payments.”

PYMNTS wrote recently that Aiia also recently launched a “Pay by Link” feature, which allows users to make payments via email, PDF, SMS, letter or social media chat.

Read more: European banking platform Aiia launches Pay by Link

This will help, among others, accounting, insurance and telecommunications services, as well as social commerce and utility payments. Aiia said businesses will be able to use it to remove unnecessary checkout steps, providing a “simple link” that customers can use.

Pay-per-link will be based on open bank payments, providing a more cost-effective payment method for such a use case.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.