A new partnership between Open Banking platform Tink and Wealthify, a digital investment platform, sees Tink’s payment initiation service (PIS) technology embedded in the Wealthify app to create “seamless payment experiences”.
The partnership, which is already live, enables Wealthify’s users to transfer an initial investment sum during the onboarding process and make additional payments to top-up their accounts, with investors able to consent to connect to their bank account in the Wealthify app or web page and complete their payment in a few steps.
It has replaced what had been a manual process, whereby investors had to initiate the payment separately, by going to their own bank’s app or web service.
Simon Holland, chief product officer at Wealthify, said that the customer response “has already been brilliant”.
“Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments,” he said.
Wealthify became a wholly owned subsidiary of insurance and investment firm Aviva in June last year and intends to double its 50,000 investors in the coming year.
Rafa Plantier, UK and Ireland country manager at Tink, added: “This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider Open Banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates.
“We look forward to developing our partnership with Wealthify to this end, to help give their 50,000 investors a better payment experience.”
Tink, which earlier this month announced a European Open Banking partnership with American Express, completed an €85 million investment round at the end of 2020.