Open Banking platform Tink and payments technology provider Tribe have partnered for Open Banking technology.
The channel partnership will enable Tribe to combine its issuer and acquirer services, with payment initiation services (PIS) and account information services (AIS) powered by Tink.
At the end of last year, Tink raised €85 million through a funding round as it geared up to expand its payment services across Europe.
The platform plans to increase its staff by 50% in 2021, recruiting 200 new employees whose focus will be on doubling the fintech’s market presence for PIS services, by expanding operations to 10 European countries.
Alex Reddish, chief commercial officer at Tribe, said: “We strongly believe that Open Banking will play a huge part in enabling the frictionless and, eventually, invisible payment experiences of the future.”
Reddish added: “Tribe was the first issuer processor to have launched initial compliance APIs for fintechs to harness the power of Open Banking without developing their own APIs and we’re keen to continue investing in further Open Banking functionality.”
He said that the partnership with Tink means it can now offer “easy access to broader opportunities”.
Rafa Plantier, head of UK and Ireland at Tink, added that in partnering with Tribe it will give more businesses access to “innovative” payment solutions.
“The 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,” said Plantier.