Open banking platform Tink has partnered with global payments firm Adyen to enable instant account-to-account payments for consumers.
“Open banking payments are quickly moving to the mainstream as businesses seek easier and more cost-effective ways of accepting payments,” Tink said in a Wednesday (Oct. 5) blog post announcing the partnership.
Related: SlimPay, Tink Partner on EU Account-to-Account Payments
The company has launched account-to-account payments in the U.K. first with plans to expand to new markets next year. The new product is being referred to as “pay-by-bank.”
“With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey,” Adyen Head of Global Acquiring Edgar Verschuur said in the announcement.
“Our aim is to always innovate to meet consumer needs by providing a breadth of convenient, fast, and secure payment options. Partnering with Tink for open banking is the latest way we have evolved our technology to deliver on this goal.”
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Tom Pope, head of payments and platforms at Tink, said, “We have long admired Adyen as a payments leader, and are proud to be working more closely together to help businesses access next-generation payments.
“With the scale of Adyen’s reach, our partnership will rapidly accelerate the global adoption of open banking powered payments. For the UK specifically, we are excited to be working with Adyen to pioneer VRP, and truly move the market forward.”
Adyen’s launch of pay-by-bank builds upon an existing partnership with Tink, which provides its “Account Check” product for real-time account verification to allow Adyen customers to automate the setup of payouts.
“We’re looking forward to expanding the partnership while working together with Adyen on making pay-by-bank services even more seamless,” Tink said in the blog post.
Learn more: A Rough Guide to Europe’s Open Banking Platforms
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