Open Banking platform Tink has entered a European Open Banking partnership with American Express, with the aim of improving the application process for new card members.
Stockholm-based Tink said that by integrating Open Banking technology into the American Express application and risk analysis process, prospective card members will be able to “seamlessly” connect to their bank accounts and instantly verify their identity, income and account information with American Express, thereby removing the need to input their details manually.
Through the partnership, Tink’s Open Banking services will be used by American Express in France, Germany, Spain, Sweden, the Netherlands, Norway, Finland and Belgium.
Fredrik Sauter, head of growing markets at American Express, said that Tink was “a clear choice” when looking for an Open Banking partner.
“Our partnership with Tink will help make it easier and faster for future customers to apply for our American Express products digitally,” he said.
“Open Banking technology not only speeds up the digital application process, but also helps us make better decisions.”
Daniel Kjellén, co-founder and CEO of Tink, added: “Tink’s account verification, income verification and risk analysis technology will streamline the onboarding process for American Express customers, as we work together to create the future of financial services.
“This sets the standard for how larger brands are using Open Banking technology to convert analogue processes to digital, enhancing the customer experience.”
Earlier this month, Tink announced a partnership with payments technology provider Tribe.