Automated Payments Firm Serrala Teams With Open Banking Platform Tink on Direct Billing via Bank Apps

The financial and automation payments platform Serrala and the open banking service Tink have joined forces on a project to support open banking tech services.

As the website Crowdfund Insider reported, the partnership will see the two firms supporting bills so they can reach clients over every channel to settle bills, leading to faster, less expensive and more accurate transactions.

“Billers have been waiting for this,” said Marko Kling, VP of Solution Architecture at Serrala. “By partnering with Tink, we can help reduce billers’ payment-related costs with a solution that enables consumers to pay their bills quickly and accurately using their preferred payment channel, resulting in a seamless payment experience for all.”

The story notes that many industries — utilities, insurance, credit and telecom — can be challenged in some jurisdictions when it comes to billings and collections outside of direct debit.

Bank transactions can become more time-consuming and lead to serious mistakes or delays. And more conventional payment methods may bring with them larger transaction fees, more operational complexities and possible chargebacks.

By combining Serrala’s omnichannel payment requests with Tink’s payment initial services, the companies say billers and clients will get both a user-friendly online experience, faster payments and less expensive SEPA credit transfers. Billers can design the client journey for any payment interaction via email, text, WhatsApp, portals or even on paper.

“Our channel partnership with Serrala perfectly combines our PIS capabilities with Serrala’s tooling and payments expertise, to optimize end-to-end payment flows for billers,” said Caroline Lanslots, Senior Business Development Manager at Tink.

“We look forward to building on this channel partnership to enable Serrala to take open banking powered payments to its customers across Europe.”

Read more: Lemonway, Tink Pair up on Open Banking Payments Across Europe

The partnership comes a little more than a week after Tink announced it was working with the software company Lemonway on a product called Pay By Bank.

Pay By Bank increases customer’s payment thresholds and offers a secure transaction pathway that can be triggered directly from their bank without manually having to fill out payment details. It will also give investment firms a way to connect with investor bank accounts for faster onboarding when adding new beneficiaries.