Dutch fintech giant Adyen will enable its customers to offer open banking payments with the help of embedded technology from Tink
Adyen will use Tink’s payment initiation technology to provide businesses with access to account-to-account (A2A) payments. The service will launch in the UK this year with more markets to follow in 2023.
This pay-by-bank solution is an open banking platform that enables financial institutions, fintechs and startups to build financial products and services. It will provide consumers with a variety of payment options within a trusted banking environment. In addition, A2A bank transfers provide shoppers with more transparency into their account balances.
Adyen’s open banking option will be available across all major operating systems, including API, web, iOS and Android devices. When a shopper will choose to pay by bank, they will automatically be presented with their bank’s authentication method.
The new agreement is an extension of a partnership Adyen and Tink already have for Account Check technology. It lets Adyen’s customers instantly verify account ownership to streamline payouts.
Swedish open banking platform Tink originally focused on building a personal finance management app. Now the firm uses its technology to help hundreds of banks and fintechs across Europe build products through a single API, aggregating customers’ financial data.
Earlier this year, Visa acquired Tink for €1.8 billion.