European Open Banking platform Tink and Revolut, which boasts more than 18 million customers worldwide, have entered into a strategic partnership for Open Banking technology.
Daniel Kjellén, co-founder and CEO of Tink, who shared the news about the latest partnership during the headline session at Money 20/20, said: “Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers.
“We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of Open Banking powered payments across Europe.”
Tink’s payment initiation services (PIS) technology will enable Revolut’s users across Europe to move money into their Revolut account from their bank seamlessly, by authorising and completing the payment instantaneously without leaving the financial super app.
Ivan Chalov, head of retail at Revolut, said: “We are delighted to bring Tink’s solutions to Revolut. Our partnership with Tink will enable Revolut to expand our Open Banking services across new markets in a fast and sustainable way.”
Tink earlier shared some findings from its latest survey, suggesting that among 2,000 consumers surveyed in the UK, 76% are pleased they now have more choices when it comes to payments.
However, they have low tolerance for payment journeys that are not frictionless, with 88% prepared to leave an online transaction altogether if they experience friction when it comes to paying.