SlimPay, Tink Partner on EU Account-to-Account Payments

Payment service provider SlimPay and FinTech Tink are partnering to enable frictionless account-to-account payments across Europe, powered by open banking.

“Our partnership with Tink means SlimPay can leverage open banking across several markets using one single partner,” SlimPay CEO Jérôme Traisnel said in a Tuesday (Sept. 6) Tink blog post. “And by launching SlimCollect, we offer merchants a secure account-to-account payments service with which to collect their recurring revenue.”

The partnership provides SlimPay merchants with the ability to offer a secure, seamless way to set up a direct debit that lets users authenticate and make the initial payment through open banking.

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SlimPay works to offer merchants in Europe seamless subscription payment experiences and has done business with Deezer, EDF, Nespresso and Vattenfall, among others. Through its collaboration with Tink, SlimPay can provide open banking payments as an alternative way to set up a direct debit, per the announcement.

SlimCollect provides a way for people to quickly link their bank accounts without giving up sensitive information, according to the blog post. As one of the first payment platforms to launch SEPA Direct Debit in France, SlimPay has long been a pioneer in recurring payments.

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The partnership combines payment initiation services (PIS) and direct debit in one solution. By teaming with Tink as an open banking partner to further simplify subscription payments for merchants across Europe, SlimPay offers a payment solution across the entire SEPA zone. Their merchants can now do business in more than European markets without having to handle complex local payment methods.

“By combining PIS and direct debits, SlimPay can streamline the direct debit setup process. End-users will make an initial payment through PIS, meaning they’re automatically taken to their banking app to authenticate in real time using biometrics like a fingerprint or Face ID. Once the user connects their bank account they can then be switched seamlessly over to a direct debit,” according to the announcement.