Paytrail and Mastercard empower millions of open banking payments in the eCommerce landscapeJuly 4, 2022 | By Megan Bjoko
July 4th, Copenhagen: Today, the largest online payment company in Finland, Paytrail, and Mastercard announce 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 leader Aiia, a Mastercard company. Since 2019, Paytrail and Aiia have been collaborating to accelerate open banking powered payments in the eCommerce checkout flow.
Powered by Mastercard's open banking platform, Paytrail enables eCommerce 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 eCommerce 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 eCommerce landscape”
Founded in 2007, Paytrail is the largest Finnish online payment company. The company handles the online payments for its 20,000+ customers. Additionally, Paytrail handles the online payments of the State Treasury's Suomi.fi service. The company is part of leading European PayTech Nets / Nexi Group and acquired Checkout Finland in April 2021.
Paytrail is a licensed payment institution which holds the title of best workplace in Finland in 2021.
Learn more: https://www.paytrail.com/en/
About Aiia, a Mastercard company
Aiia, a Mastercard company, works to shape the future of an inclusive digital economy where all businesses and people can live a simpler and more convenient life. Through its European open banking networks, partnerships, and passions, the company seeks to empower choice and security with a single infrastructure of payments and financial data.
The network allows businesses and financial institutions to integrate financial data and to offer account-to-account payments directly in their services to an estimated reach of 337 million European citizens.
Today, Aiia has more than 3.000 connected banks across 18 European markets, handles more than 100 million API requests on a monthly basis and more than 2 million account-to-account payment requests processed on a monthly basis for large banks and e-commerce payment gateways.
By enabling individuals, financial institutions, governments and businesses with open banking Aiia, a Mastercard company, empowers companies from various industries to meet the demands of the modern consumer. All while giving them the freedom to pay without having to press pause.
Learn more: https://www.aiia.eu/
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.