mPay will provide open banking for B2C and B2B customers

mPay will provide its customers with open banking and will also launch a B2B offer, the company announced. The new implementations will enable the operation of services providing access to account information (AIS – Account Information Service) and payment initiation (PIS – Payment Initiation Service).

“The entity that implements our technology will speed up, for example, signing contracts with its contractors, improve the scoring process when assessing creditworthiness, or will be able to accept payments from customers using open banking,” said mPay board member Karol Zielinski, quoted in the release.

mPay also intends to offer services in the form of an API to business customers in the B2B model. This will work in industries such as insurance, loans or debt collection. Fintech, through its API and using its own licenses, will enable companies to access better scoring, analytical or payment tools.

The company also announced in a press release that it had signed an agreement with Fizen “for the provision of services in the field of continuous delivery of technology enabling mPay to provide AIS and PIS services on its own behalf and for its benefit as mPay, based on its own technical certificate and permission to operate as National Payment Institution”.

The implementation of services related to open banking will allow the company to optimize the currently incurred transaction costs in the mobile application, and will give the opportunity to introduce new FinTech products, not yet offered by the company, to the market.

The direction of mPay’s operation is in line with the global trend of offering ready-made services and solutions in the API/subscription model.

mPay debuted on the market in 2003 and is the longest operating mobile payment system in Poland. The mPay application enables e.g. buying public transport tickets, paying for parking or topping up prepaid telephone accounts using a smartphone or tablet. Since 2007, mPay has been a licensed settlement agent, authorized to process transactions carried out using mobile devices. The strategic investor of mPay since 2013 is Grupa Lew. mPay has been listed on the NewConnect market since 2011.

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