European Open Banking platform Tink and global fintech platform Adyen have formed an Open Banking-powered payments partnership, building on their existing partnership for account check technology.
Through the deal, Tink’s payment initiation technology will be embedded into Adyen’s single platform, enabling customers of the fintech platform to offer account-to-account (A2A) payments to consumers.
The Open Banking integration will initially launch in the UK, with plans to extend the offering into more markets in 2023.
Edgar Verschuur, head of global acquiring at Adyen, said, using its Open Banking solution, shoppers will be able to pay directly from their own “trusted banking environment without leaving the checkout journey”.
“Our aim is to always innovate to meet consumer needs by providing a breadth of convenient, fast and secure payment options. Partnering with Tink for Open Banking is the latest way we have evolved our technology to deliver on this goal,” Verschuur added.
Tom Pope, head of payments and platforms at Tink, said: “With the scale of Adyen’s reach, our partnership will rapidly accelerate the global adoption of Open Banking-powered payments.
“For the UK specifically, we are excited to be working with Adyen to pioneer VRP [variable recurring payments], and truly move the market forward.”
The existing partnership between Tink and Adyen allows Adyen’s customers to instantly verify account ownership to streamline payouts.
Last month, Tink announced it had teamed up with payments fintech SlimPay for the launch of a new service, ‘SlimCollect’, offering Open Banking-powered A2A payments to European merchants.
Tink’s Pope recently 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.