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Mastercard links up with PaidBy to push cross-border open banking payments
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 7, 8:01 PM EDT

Mastercard links up with PaidBy to push cross-border open banking payments

The partnership aims to help merchants accept account-to-account payments in more markets by using Mastercard Open Finance connectivity alongside PaidBy’s orchestration and settlement infrastructure.

By The Apex Times Newsroom3 min readAI-assisted Apex article

Mastercard is partnering with PaidBy, a cross-border account-to-account (A2A) payments platform developed by Xryma Plc, as it tries to scale open-banking style payments beyond domestic corridors. The two companies said the collaboration is designed to enable consumers to pay merchants from their bank accounts in their domestic currency, while merchants can receive settlement in their preferred local currency.

A2A payments are transactions where funds move directly between bank accounts, rather than through card rails. In the open banking context, they are typically initiated through regulated application programming interfaces (APIs) that rely on customer consent to verify account details and start payment flows. Mastercard positioned the deal as a response to a recurring limitation of open banking today, namely that many A2A payment use cases remain largely domestic, forcing merchants into fragmented market-by-market setups.

In a June 4, 2026 announcement at Money20/20 Europe in Amsterdam, Mastercard said PaidBy and Mastercard will bring “connectivity, orchestration, and settlement” into a single cross-border model for enterprise merchants. Mastercard would provide what it described as Open Finance connectivity, scheme-level trust, and scale. PaidBy would contribute orchestration, cross-border settlement infrastructure, multi-currency or “dynamic currency” capabilities, and a merchant payout network intended to simplify reconciliation and support next-business-day settlement across markets.

The partnership is expected to expand PaidBy’s real-time A2A capabilities first across Europe and the UK. PaidBy also said it is built on Xryma’s regulated “banktech” infrastructure, which it describes as combining payment initiation, multi-currency processing, and real-time settlement across multiple jurisdictions. Mastercard added that PaidBy will integrate Mastercard’s Open Finance capabilities into its platform to support enterprise-grade payment initiation and high-volume transaction processing through a unified infrastructure layer.

Mastercard’s Open Finance is broader than traditional open banking, according to Mastercard, spanning consent-based sharing of financial data across use cases like onboarding, A2A payments, lending, personal finance management, and small business solutions. Mastercard said the partnership aligns with that strategy by connecting account-based payments with the broader digital payments and commerce ecosystem, including potential additional value-added services the companies will “explore.”

Executives framed the collaboration as a scaling step for open banking. Xryma CEO Nikogiannis Karantzis said open banking is at an inflection point, but its potential depends on scaling beyond domestic markets. Mastercard’s Head of Open Finance APEMEA, Valerie Nowak, said account-to-account payments are moving from a domestic alternative toward a global opportunity, and that combining Xryma’s infrastructure and orchestration with Mastercard’s network and scale can help businesses avoid fragmented payment setups.

The announcement did not disclose which specific payment corridors will be enabled first beyond a Europe and UK initial rollout, nor did it provide information on pricing, implementation timelines, contractual terms, or the identity of early merchant or platform customers. It also did not specify any measurable targets, such as transaction volumes, onboarding milestones, or performance benchmarks, leaving investors and partners to wait for further operational details.

Why It Matters

  • Cross-border A2A adoption has been constrained by the tendency of open banking payments to remain domestic, so a unified model could reduce the integration burden on global merchants.
  • If next-business-day settlement and simplified reconciliation work as described, it may improve cash flow predictability compared with some fragmented cross-border setups.
  • Mastercard’s Open Finance positioning may strengthen its relevance beyond cards by embedding connectivity and trust services into bank-account payment flows.
  • The deal could intensify competition among open-banking payment orchestrators that are trying to become the connective layer for enterprise, multi-market payments.

Sources

Key Facts

  • Mastercard announced a strategic partnership with PaidBy, developed by Xryma Plc, aimed at scaling cross-border open banking-powered A2A payments.
  • The companies said consumers will pay merchants from their bank accounts in domestic currency, while merchants receive settlement in preferred local currency.
  • Mastercard will contribute Open Finance connectivity, scheme-level trust, and scale, while PaidBy will contribute orchestration, settlement infrastructure, dynamic currency capabilities, and a merchant payout network.
  • The partnership is described as enabling simplified reconciliation and next-business-day settlement across markets.
  • Initial rollout will expand PaidBy’s real-time A2A capabilities across Europe and the UK.
  • Mastercard and Xryma said they will explore additional value-added services to connect A2A payments with the broader digital payments and commerce landscape.

Finance Related

Mastercard links up with PaidBy to push cross-border open banking payments | The Apex Times