Open Banking platform Tink has entered into a channel partnership with payments company Serrala, bringing Open Banking payments to billers throughout Europe.
Serrala’s payment request solution is live in more than 20 countries in Europe and facilitates billions of euros in payments every year.
Through the partnership, Serrala will use Tink’s payment initiation technology to enable B2C billers to accept fast, low-cost account-to-account payments on any digital channel.
Tink said that, as it stands, most billers currently rely on a combination of direct debit, bank transfers, and card payments in offering their services, with bank transfers and direct debits being both time-consuming for the consumer and prone to errors.
Meanwhile, traditional online payment methods can come with higher transaction fees, increased operational complexity and the risk of chargebacks, Tink added.
Marko Kling, VP of solution architecture at Serrala, said: “By partnering with Tink, we can help reduce billers’ payment-related costs while improving the customer experience – and thus improve their business.”
Tink’s senior business development manager Caroline Lanslots added: “Our channel partnership with Serrala perfectly combines our PIS capabilities with Serrala’s tooling and payments expertise, helping to optimise end-to-end payment flows for billers.
“We look forward to building on this channel partnership to enable Serrala to take Open Banking-powered payments to its customers across Europe.”
In June, Visa agreed to buy Tink for €1.8 billion, which will retain its brand and current management team following the deal.