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Over One Million Monthly Open Banking Payments Enabled by Paytrail and Mastercard’s Partnership

Paytrail, a Finnish payments company, and Mastercard announced that their collaboration has reached new heights as they’re now enabling more than one million open banking payments every month, led by European open banking organisation Aiia, a Mastercard company. Since 2019, Paytrail and Aiia have been collaborating to accelerate open banking powered payments in the e-commerce checkout flow.

Powered by Mastercard’s open banking platform, Paytrail enables e-commerce for more than 20,000 merchants and online shoppers, providing greater choice with new payment options and providing a more hassle-free online checkout experience. Unlike more traditional payment options, open banking allows anyone with a bank account to initiate swift and secure digital payments which arrive as soon as technically possible and, in some countries, almost immediately to a retailer’s account. Compared to other methods, this open banking solution requires fewer steps to complete a payment, as the payment is initiated directly from the bank without the need to manually fill in payment details or switch between applications or interfaces. Through this collaboration, merchants can also offer a solution that is fully integrated in the checkout environment and aligns to Paytrail’s and Mastercard’s shared vision of continuously increasing convenience for consumers and enhancing security.

Commenting on the collaboration, Joni Rautanen, chief operating officer of Paytrail, said: “We’ve been working with Aiia for some time and we’re happy to see the results of the collaboration today. Without the corporation, 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, a Mastercard company, says: “Open banking e-commerce 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 e-commerce landscape.”

Author

  • Francis is a journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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