Nexi and Mastercard join forces to drive Open Banking payments in Europe

European paytech Nexi has selected Mastercard as its strategic partner across Europe to support the rollout of Open Banking account-based payments.

Mastercard Open Banking will facilitate ecommerce payments across Nexi’s gateways that serve merchants across the continent.

By leveraging Mastercard Open Banking’s technology, the two companies plan to build an integrated digital payment ecosystem. This partnership will enable secure and seamless payment experiences for consumers, while offering them more choices when shopping online.

Mastercard and Nexi pointed out that Open Banking, unlike traditional payment options, allows individuals with bank accounts to initiate swift digital payments to a merchant’s account. The process involves initiating payments directly through a consumer’s bank using existing authentication protocols, including biometrics, ensuring a convenient and efficient experience.

Merchants will benefit from real-time payment authorisation and settlement, providing them with quick access to funds and improved management of cash flow and revenue streams.

Bart Willaert, executive vice president, international Open Banking at Mastercard, expressed excitement about leading the development of an account-based payment method in partnership with Nexi.

Omar Haque, head of ecommerce at Nexi

“We have been powering and protecting our global payments network and the broader digital ecosystem for more than five decades, and now Mastercard’s innovative Open Banking technology will offer consumers and businesses across Europe access to more innovative payment experiences,” said Willaert.

“We are thrilled to announce our strategic collaboration with Mastercard, through which we will harness the power of its Open Banking solutions in Europe to scale and enhance our capabilities, and boost customer convenience in payments,” added Omar Haque, head of ecommerce at Nexi. 

“By partnering with Mastercard and capitalizing on its leadership and expertise in Open Banking, as well as its trusted payments infrastructure, we further enhance our ability to facilitate the transition to a digital-first payments landscape in Europe.”

This month, Mastercard Open Banking introduced its ‘Open Banking for Account Opening’ program in the US, which is a new benefit program for its consumer and small business debit issuers, as well as prepaid issuers in the US.

Meanwhile, earlier this year, Mastercard selected 15 startups from around the world to take part in its ‘Start Path’ engagement programs, focused on small business and Open Banking, respectively.