Mastercard has agreed to acquire Aiia, an open banking technology provider offering a direct connection to banks through a single API.
“The value of open banking comes through empowering consumers and businesses to use their own data to obtain financial services solutions simply, securely and quickly. The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are,” said Craig Vosburg, Chief Product Officer, Mastercard.
Aiia’s open banking platform and expertise, including API connectivity and payment capabilities, has shown significant growth. Its customer-centric approach and ambition to create open banking that complements Mastercard’s existing distribution channels, technology and data practices.
Mastercard in 2019 launched its first open banking connectivity offering in the UK and Poland through a partnership with Token. Mastercard acquired Finicity in 2020.
Aiia’s expertise in providing safe and secure data access complements Mastercard’s data responsibility principles. This relationship reinforces work led by Mastercard’s Finicity team to extend data-related best practices across multiple industries.
The connectivity of Aiia in Europe will enable Mastercard to deliver the credit decisioning and credit scoring applications of Finicity to European clients. Similarly, the connectivity of Finicity in the U.S. will help deliver the account information services and payment applications of Aiia to U.S. clients – giving customers globally easier, faster and safer access to open banking services.
