Mastercard has agreed to buy open banking technology provider Aiia for an undisclosed amount.

Aiia provides a direct connection to banks through one API, enabling its clients to develop and launch new digital solutions.

A licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), the firm is supervised by the Danish Financial Supervisory Authority (FSA).

The deal is expected to complete by the end of this year.

Aiia CEO and founder Rune Mai said: “For the past decade, we have worked to build Aiia into a leading and quality-driven open banking platform, which has onboarded hundreds of banks and fintechs onto safe and secure open banking rails.

“We have worked closely alongside banks, customers and local authorities to ensure that our APIs show the true effect of open banking.”

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Mastercard has for long worked towards advancing its open banking strategy.

In 2019, the firm collaborated with Token to launch its first open banking connectivity offering in the UK as well as Poland.

Last year, towards achieving the same goal, Mastercard acquired American financial data and insights provider Finicity in a $825m deal.

Mastercard chief product officer Craig Vosburg said: “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.”

Aiia counts banks, fintechs, accounting system providers and payment firms as clients.

Currently, the firm has connections to more than 2,700 banks across Europe, processes more than 10 million bank logins, and over a million account-to-account payments on a monthly basis.