European Open Banking Platform Tink launches its Payment Initiation Services (PIS) product in five new markets – the Netherlands, Norway, Estonia, Finland and Latvia, by Blog post on Wednesday April 27th.
The top line: As demand for seamless digital payment experiences continues to grow, Swedish company Tink is offering open bank payments in more locations across Europe.
The justification: Cards power the digital economy in the United Kingdom (UK) and the European Union, according to a PYMNTS study carried out in collaboration with Stripe. But merchants there don’t like paying card interchange fees. The advent of open banking payments is seen as a way to integrate cardless options into payment flows.
The details: Using Tink’s payment technology, users can quickly, easily and securely pay from an online merchant using their bank account credentials.
- Improving the user experience for payments can give retailers a competitive advantage and banks the ability to enable payment choice.
- The economics of the new business model can give retailers a way to create incentives for consumers to try and use.
- APIs integrated with the payment service provider (PSP) or the merchant’s own ecosystem create a seamless customer experience.
Tink by the numbers:
- Collaborates with more than 300 banks and FinTechs
- Present in 18 European markets
- Connects to over 250 million banking customers
- ISO 27001 certified
- Founded in 2012
- Became part of Visa in 2022
In their words: “Our goal is to be the backbone of payment service providers across Europe.” — Tom Pope, Head of Payments and Platforms at Tink
Scuba diving: Visa Reaches Deal to Acquire European Open Banking Platform Tink for $2 Billion
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022
On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.
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