Chip has entered into a partnership with Tink, a Visa-owned Open Banking platform, to offer payment initiation services (PIS) within its app.
The move enables users of the wealth management platform to fund their accounts using Open Banking-powered transfers. Through the collaboration, Chip customers will be able to move money via account-to-account payments, bypassing traditional card rails. The integration is aimed at providing a more direct and secure mechanism for depositing funds into the app.
Focus on streamlining the customer payment experience
Representatives from Chip noted that the integration with Tink's infrastructure is intended to improve the process of adding money to accounts, emphasising the speed and security benefits of Open Banking payments.
Tink officials highlighted the recent trend of financial apps adopting Pay by Bank solutions, suggesting that the technology gives providers like Chip a way to diversify their payment offerings. According to them, it adds another option for consumers seeking simpler and more efficient ways to make transfers.
Founded in 2012 and now operating as a subsidiary of Visa, Tink connects to over 13,000 financial institutions across 20 markets. The company offers various solutions in payments, banking, and lending.
Chip, established in 2017, reports more than GBP 5 billion in assets under administration and claims over 400,000 active users. The company positions itself as a platform for long-term wealth building, offering services related to saving and investing.
What else has Tink been up to?
In April 2025, Paysend partnered with Tink to improve Open Banking payments. As Open Banking continues to change how people handle their finances, the partnership with Tink aimed to improve the payment experience for Paysend users. The need for services that offer transparency, instant access, and security is increasing.
Moreover, experts predict that in 2025, more markets will adopt Open Banking payments in their services, making cross-border transactions easier. It is anticipated that financial institutions will work closely with fintech companies to deliver better services and an intuitive payment experience.
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