Aiia

Aiia, as it itself claims, is developing a leading open banking platform in Europe. It enables businesses and financial institutions to integrate financial data and offer payments between accounts directly into their services.

History

2021: Mastercard bought Aiia

In early September 2021, Mastercard entered into an agreement to acquire Aiia. The participants did not disclose the cost of the transaction.

Mastercard emphasizes that Aiia has experience in providing secure and reliable access to data, which is consistent with its own principles of data responsibility. The terms of the transaction as of September 9, 2021 were not disclosed.

As noted in Mastercard, open banking democratizes financial services, putting consumers in the spotlight. Fintechnology and banks use authorized consumer personal data to provide easier and wider access to credit, personal finance management, digital wallets and payment services.

Mastercard acquired Aiia

The value of open banking is that consumers and businesses are able to use their own data to easily, securely, and quickly obtain financial services solutions. Joining Aiia strengthens our European efforts in open banking and allows us to continue to meet our customers where they are, "said Mastercard Product Director Craig Vosburg.

The interview also noted that as open banking continues to drive innovation, Mastercard aims to provide a unique set of technology platforms, data connectivity, and infrastructure combined with privacy and data security principles. This will help fintech companies and financial institutions innovate, gather feedback, and scale faster and more efficiently than ever to provide a more intelligent and meaningful experience.

Over the past decade, we have worked to turn Aiia into a leading and high-quality open banking platform that has allowed hundreds of banks and fintech companies to get on safe and reliable open banking rails. We worked closely with banks, customers and local governments to ensure that our APIs demonstrate the true effect of open banking. We are excited to be part of Mastercard and continue our journey to empower people so they can use their financial data and accounts safely and transparently, said Aiia CEO and founder Rune Mai.

The deal complements Mastercard's acquisition of an American open banking player in 2020. In Finicity particular, the connection of Aiia To Europe in will allow Mastercard to provide European customers with Finicity applications for credit decision making and credit scoring. At the same time, the Finicity connection USA in will help provide American customers with billing information services and Aiia payment applications.^[1]

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