Tink Expands Open Banking Services Across Europe

Tink, payments, financial services, sweden, europe, Payment Initiation Services

European open banking platform Tink is taking its Payment Initiation Services (PIS) product to five new markets — the Netherlands, Norway, Estonia, Finland and Latvia, per a blog post on Wednesday (April 27).

The Top Line: As demand for seamless digital payments experiences continues to grow, Sweden-based Tink is bringing open banking payments to more locations in Europe. 

The Rationale: Cards power the digital economy in the United Kingdom (U.K.) and the European Union, a PYMNTS study done in collaboration with Stripe shows. But merchants there don’t like paying card interchange fees. The advent of open banking payments is seen as a way to embed non-card options into checkout flows.

The Details: Using Tink’s payments technology, people can checkout with an online merchant fast, easy and securely using their bank account credentials.   

  • Improving the user experience for payments can give retailers a competitive edge and banks an opportunity to enable payment choice.
  • New business model economics can give retailers a way to create incentives for consumers to try and use.
  • APIs embedded within the payment service provider (PSP) or the merchant’s own ecosystem create a fluid consumer experience. 

Tink by the Numbers

  • Collaborates with 300+ banks and FinTechs
  • Operates in 18 European markets 
  • Connects to over 250 million bank clients
  • ISO 27001-certified
  • Founded in 2012
  • Became part of Visa in 2022 

In Their Words: “Our aim is to be the backbone of payments services providers across Europe.” — Tom Pope, head of payments and platforms at Tink

Scuba Dive: Visa Closes Deal to Acquire European Open Banking Platform Tink for $2B