“The commercial relationship and equity investment between Mastercard and AEVI will help accelerate AEVI’s goal to become an industry-standard platform for face-to-face payment integration. AEVI will be better positioned to support all of its customers, and to pursue more market opportunities and to do so more rapidly,” Mike Camerling, CEO of AEVI, said in a press release on Monday (March 29).
AEVI’s technology taps data from all shopping channels and links it to payment methods via an open platform that works independently from whatever device or solution the customer uses. AEVI’s platform, combined with the digital gateway tools offered by MPGS, gives retailers additional real-time payment options at various in-store and digital exchanges.
The extended partnership, which is intended to help advance and streamline payment services for banks, acquirers, PSPs, ISOs and ISVs, will first target Europe before exploring additional expansion efforts.
“More than ever, we see the convergence of digital and physical payment channels as a key driver in enhancing customer experience. We’ll look to lean into this collaboration and expanded relationship to support our shared merchant customers and partners in their efforts to grow and strengthen consumer relationships,” said Keith Douglas, EVP of MPGS.
Mastercard is moving beyond its commercial tie-up with the merchant payments solution startup and has also invested in the German firm. Other investors include majority shareholder Diebold Nixdorf, along with HPE Growth Capital and Schroder Adveq.
“HPE Growth invests in outstanding management teams with strong growth ambitions of companies that have developed leading scalable technology. AEVI is well-positioned to accelerate its current growth trajectory and can have a real impact on the fast-changing world of payments,” added Frederic Huynen, principal at HPE Growth.
FinTech innovation has given way to a diminished reputation for EDI, or electronic data interchange, which initially showed up on the business scene in the 1970s as a way to digitize information that had traditionally been sent on paper. Some 50 years later, the goals remain the same, but EDI has become too outdated by innovators to effectively propel that digitization in the 2020s. However, the legacy of EDI is that the technology’s long history can be considered a competitive advantage.