German full-service payment provider Novalnet and Tink are partnering on a new Open Banking payment feature for the European payments market.

The real-time payments feature is for merchants across Europe and will aim to enhance Novalnet’s existing payment systems.

The company said that the new feature, launching initially in Germany and the UK, will enable transactions to be credited to a merchant’s account almost instantly.

By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its European customers.

Novalnet said that the solution will be integrated across other European markets later in the year.

"We expect great things from our strategic partnership with Tink, which is a significant development for both parties,” said Emmanuel Kirse, chief operating officer, Novalnet. “With Tink, Novalnet can offer a new set of open banking related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."

Cyrosch Kalateh, regional director for the DACH region at Tink added: “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe. 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.”

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