Open Banking platform Tink is expanding its payment services to five new markets in Europe.
Its Payment Initiation Services (PIS) product is now live in the Netherlands, Norway, Estonia, Finland and Latvia.
Tink now operates in 18 markets in total across Europe, connecting to over 250 million bank customers.
Open Banking payments, also called Pay by Bank, transfer money between bank accounts.
The payment – which is authorised using the bank’s own system - is initiated by Tink through an Application Programming Interface (API), but the user journey is completely embedded within the payment service provider (PSP) or merchant’s own environment.
“We’re seeing a surge in consumers using Open Banking payments across Europe, because of the dramatically better user experience it offers,” said Tom Pope, head of payments and platforms at Tink. “Tink’s payments technology makes it simple for consumers at checkout, allowing them to quickly and seamlessly make payments via the institution they trust the most – their bank.
“Open Banking payments are secure, frictionless, and put businesses in control of the user experience.”
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