Mastercard and Nexi, a PayTech in Europe, have teamed up to advance open banking payments across the continent.
The partnership will support Mastercard Open Banking for merchants by enabling e-commerce transactions across Nexi’s gateways.
Unlike more traditional payment options, open banking allows anyone with a bank account to initiate swift digital payments to a merchant’s account. Payments are initiated directly through existing authentication protocols with a consumer’s bank, including biometrics, ensuring efficiency and security. For merchants, the benefits are substantial: real-time payment authorization and settlement, quick access to funds, and improved cashflow management.
Speaking on the partnership, Bart Willaert, EVP, International Open Banking at Mastercard said the company was looking forward to leading the development of an account-based payment method that will make online purchases “more seamless and secure as well as expand payment choice.”
Omar Haque, Head of eCommerce at Nexi added that the deal will allow the Nexi to further “scale and enhance our capabilities, and boost customer convenience in payments.”
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