Open Banking platform Tink and German full-service payment provider Novalnet AG have entered a partnership that will see them launch a new European Open Banking payments solution in Germany and the UK initially.
Munich-based Novalnet AG said that its new real-time e-commerce payments feature will mean the transaction is credited to the merchant’s account almost instantly.
It will use Tink’s payment initiation services (PIS) technology to take previous region-specific payment methods and offer a new unified digital payments service to its merchants in Europe.
Through this partnership, Novalnet and Tink intend to accelerate the innovation of new solutions in the European payments market.
Emmanuel Kirse, COO of Novalnet, said: “We expect great things from our strategic partnership with Tink, which is a significant development for both parties. With Tink, Novalnet can offer a new set of Open Banking-related solutions in Europe.”
After the real-time merchant payments feature has been launched initially in Germany and the UK, it will then be rolled out across other European markets during 2021.
Cyrosch Kalateh, regional director for the DACH region at Tink, added that the partnership is a “big step for Tink in the German market”.
“At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85 million investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market,” Kalateh said.
In May this year, Tink acquired FinTecSystems, a German Open Banking infrastructure fintech.