Paytrail, Mastercard Partnership Boosts Open Banking in eCommerce

Paytrail, a Finnish online payment company, announced Monday (July 4) that its partnership with Mastercard is helping facilitate more than 1 million open banking payments each month alongside Aiia, an open banking company owned by Mastercard.

Paytrail and Aiia have been working together since 2019 to accelerate open banking payments made during the eCommerce checkout flow. Powered by Mastercard’s open banking platform, Paytrail reportedly allows for more payment options and helps enable a “more hassle-free” online checkout experience.

There are less steps involved in completing a payment using this method, per the announcement, with the payment being initiated directly from the bank, rather than manually filling in payment details or switching between applications or interfaces. It will also allow merchants to offer a solution fully integrated in the checkout environment, offering greater convenience.

Paytrail Chief Operating Officer Joni Rautanen said the company has been working with Aiia for some time and the new collaboration should be helpful.

“Without the corporation, we would have had to build the interface integration with the banks ourselves and it would have been a very challenging task,” Rautanen said. “The simple integration with Aiia has made it possible for us to get the solution up and running fast to offer thousands of merchants the opportunity to leverage open banking powered payments.”

PYMNTS wrote recently that Aiia has also recently debuted a “Pay by link” feature, which allows users to make payments through email, PDF, SMS, a letter or a social media conversation.

Read more: EU Banking Platform Aiia Debuts Pay by Link

This will help out with accounting, insurance and telecom companies’ services, along with social commerce and utility payments, among other things. Aiia has said businesses will be able to use this to cut out unnecessary payment steps, providing a “simple link” that customers can use.

Pay by link will be based on open banking payments, giving a more cost-effective pay method for any such use case.