Tink Expands Open Banking Services Across Europe

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