Mastercard acquires open banking company

 Mastercard has acquired open banking technology developer Aiia to help its customers develop and launch new digital solutions that meet the needs of everyday life.

Open banking has helped foster the sharing of data and provide consumers with more personalised services. With the access to data FinTechs and banks can offer better access to credit, personal finance management, payments and digital wallets.

Mastercard states it plays a central role in the ecosystem, acting as the trusted intermediary and secure data network. The company’s chief product officer Craig Vosburg said, “As open banking continues to ignite innovation, we’re committed to providing a unique set of technology platforms, data connectivity and infrastructure combined with data privacy and security principles.”

By incorporating Aiia’s technology, Mastercard hopes to bolster its open banking efforts and help FinTechs and financial institutions continue innovation and improving their services.

Aiia is an open banking platform that includes a selection of APIs to help companies improve their use of data. Clients can connect with over 2,900 European banks to access financial data and enable streamlined payments.

Aiia CEO and founder Rune Mai said, “For the past decade, we have worked to build Aiia into a leading and quality-driven open banking platform, which has onboarded hundreds of banks and fintechs onto safe and secure open banking rails. We have worked closely alongside banks, customers and local authorities to ensure that our APIs show the true effect of open banking.

“We’re excited to become a part of Mastercard and progress our journey of empowering people to bring their financial data and accounts into play – safely and transparently.”

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