Mastercard (NYSE: MA) has agreed to acquire Aiia, a European open banking technology provider offering a direct connection to banks through a single application programming interface.
“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,” said Craig Vosburg, chief product officer, Mastercard, in a statement. “The addition of Aiia anchors our European open banking efforts and allows us to continue to meet our customers where they are. 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. This will help fintechs and financial institutions innovate, gather feedback and scale faster and more effectively than ever to power smarter, more meaningful experiences.”
Mastercard has been developing its open banking services for a few years. In 2019, the company launched a partnership with Token. In 2020, Mastercard bought Finicity “bringing together top-tier technology platforms, dedicated resources and a global infrastructure to catalyze innovation and continue to deliver localized customer service,” according to the company. Earlier in 2021, the company launched Mastercard Payment Services.