Avarda Leverages Aiia’s Open Banking Services to Enhance Digital Payments Experience
By Joy Dumasia
Avarda has chosen the European leader in open banking Aia, a Mastercard company, to enable open banking payments through its white label payment solutions for a wide range of retailers and merchants. Powered by Mastercard’s global open banking platform, Avarda offers online shoppers an easier payment experience.
Avarda and Aiia see a tremendous opportunity for open banking to improve customer experience and increase conversion rates. The “Pay-by-bank” solution has already been launched in the Finnish e-commerce landscape with excellent results and is expected to be further extended to the Nordic region in 2022.
Additionally, Aiia will bolster Avarda’s white-label Buy Now, Pay Later solution based on account-to-account payments. With Aiia’s open banking capabilities in place, the consumer will not be redirected to any external banking connection, ensuring higher conversion rates and a frictionless checkout experience for the customer.
Mikael Johansson, CEO of Avarda, said, “The payment industry is developing at a rapid pace, and we want to stay on top of these developments at Avarda by providing the most convenient payment solutions the market has to offer for merchants and retailers. We have been looking for open banking opportunities for some time and we are delighted to have launched it with Aiia and Mastercard, as they hold a strong position and banking connectivity in the Nordics. Additionally, Aiia’s payment solution supports our strategy of emphasizing retailer branding and overall we have experienced very easy onboarding for our technical teams when implementing the service. in ours.
Katharina Luschnik, Vice President, Product Sales of Aiia, a Mastercard Company, said, “We are pleased to see Avarda accepting open banking payments to help it deliver a fast, simple and secure open banking payment experience to its wide range of Nordic merchants. Open banking payments are a win for merchants and, more importantly, their customers, as they improve the overall online shopping experience. With our robust platform in place, Avarda customers can authenticate and authorize payment through Avarda with just a few clicks, so the collaboration really shows a glimpse of what the future holds for the checkout landscape.
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