Payment service provider Mollie is partnering with Plaid to offer merchants Open Banking-enabled onboarding and account verification.

Under the terms of the tie-up Mollie will leverage Plaid’s Open Banking network and payments Application Programming Interface (API) to speed up the onboarding and verification experience, with the aim of making it easier for Mollie’s customers to start receiving payments and open digital storefronts across Europe.

The deal comes as the use of Open Banking technology in e-commerce expands rapidly across Europe.

Rogier Schoute, chief product officer at Mollie, said: “Our customers are at the heart of our business and we are constantly improving and striving to offer the best payments experiences.
“Plaid shares this same philosophy with us and creates exceptional products. We’re particularly excited because the partnership will allow us to offer our customers a fantastic solution to facilitate quick and easy onboarding, not only the first time they join Mollie, but also as they grow their business abroad.”

The implementation of Plaid’s Open Banking solutions will start in the UK, with further European markets set to follow in the upcoming months, including France and Germany.

Mollie is exploring the use cases of Open Banking for payments and other financial services for its B2B customers, the company said.

“With the pandemic, Europe and much of the world experienced two years of intense financial digitisation, creating huge opportunities for businesses to serve customers in new ways,” said Farid Sedjelmaci, head of European partnerships at Plaid. “Embedding Plaid solutions into payment service providers like Mollie unlocks the power of Open Banking for thousands of merchants with significantly less time and fewer resources required to deploy and manage.”

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