Mastercard has completed the acquisition of open banking technology provider Aiia for an undisclosed sum.

The European fintech firm offers single API access to banks and fintech firms, enabling them to develop and launch digital offerings.

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

The acquisition of Aiia will enhance Mastercard’s open banking technology along with its existing distribution channels, technology and data practices.

Mastercard chief product officer Craig Vosburg said: “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 connectivity and our multi-rail strategy to enable greater consumer access, control and choice around the world.”

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Mastercard noted that Aiia’s API is connected to over 2,700 banks across Europe. It counts banks, fintechs, accounting system providers and payment firms as clients.

Earlier this year, Lloyds Bank Commercial Banking selected Mastercard to offer an open banking payment solution to its business clients.

In 2019, Mastercard partnered with Token to launch its first open banking connectivity offering in the UK and Poland.