Norwegian bill service provider Orbyt has embedded Tink’s Pay by Bank technology and Tink ‘Account Check’ for instant account verification.
Orbyt has chosen to partner with Tink to improve its invoicing and direct debit payments offering for its network of telcos, utilities, media companies, financial institutions and insurance providers across Europe.
Orbyt currently facilitates more than 160 million invoices every year.
Using Tink’s ‘Account Check’, Orbyt will be able to instantly verify account ownership, thereby minimising friction during the payments process.
The application of Tink’s Pay by Bank to Orbyt’s invoicing process will also eliminate friction and improve the overall customer experience.
With Pay by Bank, money moves instantly between accounts, following authentication by the consumer in the form of face recognition, or a fingerprint scan.
“In our work to create the single reference platform for European enterprise billers in invoicing and payments, we are always looking to integrate leading technology into our ecosystem,” said Fabian Aaberg Andersen, chief product officer at Orbyt.
“We think Open Banking-powered payments have reached a tipping point judging by the consumer adoption and merchant demand we are seeing from clients.”
Andersen added: “We are extremely excited to partner with Tink to ensure user-friendly and secure solutions, providing the best possible customer journey for end consumers.”
Tink has announced several new partnerships this year, as well as the extension of existing ones.
Earlier this month, Tink revealed it had expanded its partnership with Irish postal services provider An Post, making An Post’s free ‘Money Manager’ “smart” budgeting tool available throughout Ireland.