Sweden

Open Banking Platform Tink Partners With Adyen to Enable Instant Bank Payments

by Fintechnews Nordics October 17, 2022

Dutch payments company Adyen has selected Swedish open banking platform Tink’s real-time payments infrastructure to enable its new white-label pay-by-bank and instant bank payments solutions.

Adyen’s clients will be able to allow their customers to authenticate and pay directly from their bank account without any intermediate steps.

The partnership builds on the companies’ existing one in which Tink enables Adyen’s clients to instantly verify account ownership using real-time data from a user’s bank account.

Adyen has launched the new pay-by-bank service in the UK, with plans to expand to multiple markets in 2023.

Tink operates in 18 European markets and was acquired by Visa in mid-2021. Its is integrated with more than 3,400 banks and financial institutions, connecting to over 250 million bank customers.

Edgar Verschuur

“With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey,”

said Edgar Verschuur, Head of Global Acquiring at Adyen.

Tom Pope

“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,”

said Tom Pope, Head of Payments and Platforms at Tink.

Featured image credit: Edited from freepik