Coinbase has formed a partnership with Tink to launch Pay by Bank cryptocurrency payments in Germany.

Pay by Bank is a form of Open Banking that enables users to transfer money directly from one bank account to another. Transactions are authorised directly via a bank's online or mobile app.

The move will allow German Coinbase users to buy and sell crypto directly from their bank accounts.

Customers can also top up their accounts using Tink’s technology, helping to simplify and streamline access to the cryptoeconomy.

Denny Morawiak, managing director of Coinbase Germany said that the partnership forms part of the company's efforts to expand its service offering in Germany, underscoring its pledge to become the "most trusted and compliant" offering in the market.

Coinbase has also recently strengthened its presence in India and the Middle East with an investment in CoinDCS.

CoinDCX is one of India’s largest crypto exchanges, with over 20 million users.

In the summer, Coinbase announced it was rebranding its Wallet App and rolling out new features as the crypto platform looks to create a new ‘superapp’.

The new app, called Base, combines trading, payments, messaging, social functions and app discovery in a single user interface.

The application includes a layer-2 blockchain that aims to provide a seamless, blockchain-native environment where users can chat, transact, invest and interact without the need for multiple applications or complex wallets.

Coinbase's launch of Pay by Bank in Germany follows a growing trend of financial institutions rolling out Open Banking options to their customers.

Last week, the Financial Conduct Authority’s (FCA) head of department, open banking & open finance said that account-to-account (A2A) and Open Banking payments stand on the cusp of becoming an ubiquitous option for consumers, merchants and businesses in the UK.

Speaking at the Open Banking Expo in London, Andrew Self told the audience that the move towards Open Banking becoming a day-to-day payment option for Brits forms part of the next phase of work that his team currently has a “laser focus" on.

During the same week,Lloyds Bank announced the launch of Pay by Bank at self-service kiosks in the hospitality industry.

The bank said at the time that it is looking to streamline payments at checkout without cards or third-party apps while ensuring instant payment settlement for businesses.

The system was developed in collaboration with Lolly, a British company specialising in technology for the hotel sector, and CH&CO, a company in the restaurant and catering services market, and is one of the first applications of Pay by Bank in a self-service hospitality environment.

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