Avarda taps open banking services from Aiia to improve digital payment experienceMarch 21, 2022 | By James Issokson
March 21st, Copenhagen: Today the Nordic-based payment service provider Avarda chose European open banking leader Aiia, a Mastercard company, to enable open banking payments through its white-label payment solutions for a wide range of retailers and merchants.
Powered by Mastercard’s global open banking platform, Avarda provides online shoppers with a more hassle-free checkout experience.
Both Avarda and Aiia see a tremendous opportunity for open banking to improve the customer experience and further increase conversion rates. The ‘Pay-by-bank’ solution has already been kicked off in the Finnish eCommerce landscape with great results and is set to be further expanded across the Nordic region during 2022.
Furthermore, Aiia will empower Avarda’s white-labeled Buy Now, Pay Later solution based on account-to-account payments. With Aiia´s open banking capabilities in place, the consumer will not be redirected to any external banking login, which will ensure higher conversion rates and a frictionless payment experience for the customer.
Commenting on the collaboration, Mikael Johansson, CEO of Avarda, says:
“The payment industry is developing at a high pace and we want to stay on top of these developments at Avarda by delivering the most convenient payment solutions the market has to offer for merchants and retailers. We’ve been looking into open banking opportunities for a while and are thrilled to have launched this with Aiia and Mastercard as they hold a strong position and bank connectivity in the Nordics. Additionally, Aiia’s payment solution supports our strategy to put the retailer's brand in focus and overall we have experienced a very simple integration for our technical teams in implementing the service into ours.”
Commenting on the collaboration, Katharina Luschnik, Vice President, Product Sales of Aiia, a Mastercard company, says:
“We’re happy to see Avarda taking on open banking payments to help it bring a fast, simple, and secure open banking payment experience to its wide range of Nordic merchants. Open banking payments is a win for merchants and most importantly their customers as it improves the overall online shopping experience. With our solid platform in place, the Avarda customers can authenticate and authorize the payment through Avarda with just a few clicks, so the collaboration truly shows a glimpse of what the future holds for the checkout landscape.”
Avarda offers eCommerce checkout solutions and buy now, pay later -services to merchants in Sweden, Finland, Norway, Denmark, Estonia, Latvia, Lithuania and Poland.
Avarda provides a great customer experience to merchant’s end customers in all touchpoints from the checkout, to receiving the invoice, and until the purchase is paid.
Avarda’s services are merchant-brand-first, which puts the merchant’s brand in focus throughout the whole customer journey.
Learn more: https://www.avarda.com
About Aiia, a Mastercard company:
With more than a decade of experience, Aiia, a Mastercard company is the most experienced open banking platform in Europe, servicing hundreds of live clients with open banking services.
Based in Copenhagen, the company's mission has always been to empower people to bring their financial data into play safely and transparently. Aiia’s platform allows businesses and financial institutions to integrate financial data and to offer account-to-account payments directly in their services to the estimated reach of 337 million European citizens.
Today, Aiia has more than 2,900 connected banks across Europe, it 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 leading open banking platform became a part of Mastercard in the end of 2021 and it provides open banking services to a long list of financial institutions, fintechs and payment solution providers including Lunar, Danske Bank, Santander, OP Financial Group, DNB, SVEA, Pleo and more.
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. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.