Mastercard is expanding its footprint in Europe with the acquisition of Aiia, a boost for its technology, distribution channels, data practices and global open banking strategy.
The acquisition also will allow Mastercard to support its efforts to build a stronger global open data network, according to a news release. Through open banking, Mastercard is endeavoring to expand consumers’ access to its services by putting them in the middle of where their data is used. It also helps them offer the services consumers want, the release said.
“As the shift to a digital economy continues to accelerate globally, Mastercard’s commitment to leading innovation in financial services remains strong,” Craig Vosburg, Mastercard’s chief product officer, said in the company's statement. “Open banking empowers consumers and small businesses to use their financial data to expand access to financial services, such as demonstrating their financial wellness to increase access to credit, aggregating financial data to improve personal financial management, and to more seamlessly set up and manage payments. Together, we’ll continue to build upon our API (application programming interface) connectivity and our multi-rail strategy to enable greater consumer access, control and choice around the world.”
According to the news release, Aiia’s open banking platforms and infrastructure include connections to more than 2,700 banks across Europe and will allow Mastercard to forge applications with its developer-first approach. This will include banks, businesses and other networks.
Moreover, Mastercard’s capabilities will allow continued multi-rail payment streams, improved consumer fraud management and authentication as well as consulting services and analytics, the news release said.
According to Mastercard, the acquisition will improve its ability to offer choices to consumers across a range of payment methods, including cards, blockchain and push payments. The company sees its early support of open banking measures as proof of its support for consumer choice.