Nexi and Mastercard Partner to Boost Open Banking-Powered Payment Solutions in Europe

Nexi, a leading European paytech firm, has teamed up with Mastercard to enhance its open banking account-based payments. This collaboration aims to leverage Mastercard Open Banking to facilitate e-commerce payments across Nexi’s gateways serving merchants across Europe, as outlined in The Fintech Times.

According to Bart Willaert, EVP of international open banking at Mastercard, the partnership will lead to the development of an account-based payment method that will make online purchases more seamless and secure, offering consumers and businesses across Europe access to more innovative payment experiences.

Open banking enables consumers 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, to retrieve the necessary information to execute a payment, making the experience easy and efficient.

Omar Haque, head of e-commerce at Nexi, expressed excitement about the collaboration with Mastercard, stating that it will enhance their capabilities and boost customer convenience in payments. The partnership will allow Nexi to scale its open banking solutions in Europe and facilitate the transition to a digital-first payments landscape.

Merchants will benefit from real-time payment authorization and settlement, enabling quick access to funds and improved management of cash flow and revenue streams. By leveraging innovative technologies and payment methods, merchants can better align with heightened customer expectations for fast and frictionless payment experiences in the digital landscape.

This partnership follows Nexi’s recent collaboration with the open e-commerce platform Woo to enable Woo merchants to offer customers a wider range of payment options.