Open banking platform Tink and FinTech app Revolut are teaming up on a strategic plan to expand 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 allow Revolut users across Europe to seamlessly move money into 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 Bank License Thwarts Revolut’s Super App Ambition
“Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers,” Daniel Kjellén, co-founder and CEO of Tink, said in the release. “We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking-powered payments across Europe.”
Founded in 2015 in the U.K., Revolut offers money transfers, exchanges and other financial services for over 18 million people around the world making more than 150 million transactions a month.
Read more: Revolut Expands Into LatAm, Middle East
Ivan Chalov, head of retail at Revolut, said that Tink’s tie-up with the company will “expand our open banking services across new markets in a fast and sustainable way.”
Launched in Stockholm, Sweden in 2012, Tink’s open banking platform enables banks, FinTech and financial startups to develop data-driven financial services using one API.
Tink enables customers to initiate payments, access aggregated financial data, enrich transactions, verify account ownership and build personal finance management tools, per the release. The company connects to more than 3,400 banks that reach over 250 million bank customers across Europe.
Related: Tink Expands Open Banking Services Across Europe
In April, Tink moved to take its PIS product to the Netherlands, Norway, Estonia, Finland and Latvia as demand for seamless digital payments experiences continued is demand. Using Tink’s payments technology, people can checkout with an online merchant fast, easy and securely using their bank account credentials.
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