Splitwise enables Tink’s Pay by Bank functionality for users

22 Apr 2024

Expense-sharing app Splitwise has partnered with payment services and data enrichment platform Tink to introduce Pay by Bank functionality to its users.

Previously, users would have to leave the Splitwise app and access their banking app to initiate payments, then return to Splitwise to confirm the settlement.

As a result of the new partnership, Splitwise can enable the transfer of money directly from friend to friend through its app in markets supported by Tink’s Open Banking solution, starting with the UK.

‘Account Check’ from Tink allows Splitwise users to link their bank details to their Splitwise account by fetching real-time data from banks, such as account number and account holder name. This verification process ensures secure transactions, allowing users to initiate and receive payments through the app.

Tink’s account-to-account payment method, Pay by Bank, lets users authenticate and pay in a few clicks in-app, removing the need for manual data entry and resulting in fewer redirects.

Jonathan Bittner, chief executive officer and co-founder of Splitwise, said: “We have always believed that any customer of ours should be able to pay their friends or family back securely and safely, right from within our app. Our Open Banking partnership with Tink is enabling a long-awaited step towards that goal.

“Tink has been an ideal partner for our Pay by Bank functionality and we are eager to expand Open Banking solutions with them in other regions.”

Ian Morrin, Tink’s head of payments and platforms, added: “Accepting bank payments directly from within the app means avoiding both manual entry and clunky redirects, as well as minimising fraud.

“Pay by Bank is a truly innovative payment method that is powered by Open Banking technology, which we believe will change the way we pay. Consumer adoption is naturally a big focus of ours and the key to accelerating the adoption is to provide an efficient user experience built on trust and understanding.”

In March, Berlin-based payment processor Micropayment introduced Tink’s Pay by Bank to its payments offering.

While, in the same month, Germany’s national railway company Deutsche Bahn partnered with Tink, introducing its ‘Account Check’ feature for enhanced direct debit setups.