SlimPay teams up with Tink to offer Open Banking payments to merchants
European Open Banking platform Tink has formed a new partnership with payments fintech SlimPay to offer Open Banking-powered account-to-account (A2A) payments to European merchants.
The new service, named ‘SlimCollect’, combines Tink’s technology with SlimPay’s Open Banking solutions.
Users of SlimCollect will be able to authorise a payment directly with their bank, using biometrics such as fingerprints or facial recognition, removing the need to manually enter card details or IBAN numbers to make a payment.
Merchants in Europe will benefit from higher payment limits and fast fund availability.
Through the partnership with Tink, SlimPay will be able to scale across multiple European markets at speed with a single API, offering one payment method across the entire SEPA zone, reducing a merchant’s dependency on local payment methods.
Jérôme Traisnel, CEO of SlimPay, said: “By collaborating with Tink, SlimPay can leverage Open Banking across Europe using a single partner. With SlimCollect, we offer merchants a secure account-to-account payment to collect their revenue.”
A recent focus group conducted by SlimPay found that 80% of consumers are concerned about security when paying online.
Tom Pope, head of payments and platforms at Tink, added: “Advancements in mobile payments in recent years, combined with the strong development of Open Banking infrastructure and regulation, makes it more compelling for payment providers to adopt Open Banking payments.
“Our aim is to be the backbone of payments services providers across Europe, to enable inclusive, streamlined, fast-settlement, low-cost payments solutions.”
Earlier this year, Pope joined the Open Banking Expo Unplugged podcast to discuss variable recurring payments and what their mass adoption in the UK will mean for merchants – click here to listen back to the episode.