Following a recent announcement, vobapay is partnering with Mastercard to integrate the latter’s Open Banking technology into its platform. This move aims to offer direct Account-to-Account (A2A) payments at checkout.

This collaboration will enable businesses associated with vobapay to provide their customers and users secure and expedient A2A payment options directly during transactions, enhancing user experience.

The partnership focuses on developing a secure A2A payment strategy that benefits both users and institutions. Both parties plan to prioritize meeting client needs while adhering to regulatory requirements, ensuring compliance in the dynamic market environment.

Details of the vobapay x Mastercard Partnership

Open Banking allows for seamless direct payments from a bank account during transactions, maintaining compliance with PSD2 and strong customer authentication. This approach simplifies the payment process by eliminating the need to enter card details, which not only reduces purchase abandonment but also provides immediate confirmation of payment.

In addition to enhancing user experience, Open Banking offers significant advantages for merchants. It leads to faster cash flow, reduced risks, and simplified processes, contributing to lower transaction costs and improved liquidity.

According to the official press release, vobapay will leverage Mastercard’s Open Finance capabilities to expand its service offerings in B2C and B2B environments. This initiative is expected to provide a fast, familiar, and secure checkout experience for users while boosting conversion rates and reducing purchase abandonment for businesses.

B2B companies can particularly benefit from direct A2A payments for large transactions or recurring invoices, as these offer improved transparency, security, and stable liquidity without the constraints of card limits.