Electronic transfers

Revolut and Tink develop a strategy for Open Banking

Open banking platform Tink and FinTech app Revolut are teaming up on a strategic plan to extend open banking technology to more people across Europe, according to a press release emailed to PYMNTS on Tuesday, June 7.

Tink’s Payment Initiation Services (PIS) technology will enable Revolut users across Europe to seamlessly transfer money to their Revolut accounts. Tink’s PIS technology gives users the ability to authorize transfers from any bank account without leaving the Revolut app.

See also: Lack of UK banking license thwarts Revolut’s super app ambition

“Revolut is one of the greatest success stories of the financial services revolution, delivering services that better meet customer needs,” Daniel Kjellen, co-founder and CEO of Tink, said in the statement. “We are excited to be part of the next stage of Revolut’s growth and see this partnership as an important step in the mass market adoption of open banking-based payments across Europe.”

Founded in 2015 in the UK, Revolut offers money transfers, exchanges and other financial services to over 18 million people worldwide, carrying out over 150 million transactions per month.

Read more: Revolut expands in Latin America and the Middle East

Ivan Chalov, head of retail at Revolut, said Tink’s combination with the company “will expand our open banking services into new markets in a rapid and sustainable way”.

Launched in Stockholm, Sweden in 2012, Tink’s open banking platform enables banks, FinTechs and financial startups to develop data-driven financial services using a single API.

Tink allows customers to initiate payments, access aggregated financial data, enrich transactions, verify account ownership, and build personal finance management tools, as per the release. The company connects to over 3,400 banks that reach over 250 million banking customers across Europe.

Related: Tink expands its open banking services across Europe

In April, Tink decided to bring its PIS product to the Netherlands, Norway, Estonia, Finland and Latvia as demand for seamless digital payment experiences continued. With Tink’s payment technology, users can quickly, easily and securely pay from an online merchant using their bank account credentials.

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