France-based startup Bankin’ has introduced Bridge Pay, an API that lets users initiate payments using bank transfers from their app, TechCrunch reports.
Bankin’ is both a B2B and B2C startup. It operates a consumer app that lets users aggregate all their bank accounts in a single app. The company has managed to attract 4 million customers with this app. Bankin’ also manages an API called Bridge. Developers can connect directly with bank accounts to fetch transactions and banking information.
With Bridge Pay, the company wants to go one step further and become a payment API as well. The company has been using Bridge Pay within Bankin’ already – customers can transfer money from one bank account to another in the Bankin’ app. Bankin’ users have transferred EUR 1 billion so far.
Third-party companies will now be able to initiate bank transfers themselves. It could be useful for ecommerce companies that sell very expensive items, for instance.
It also opens up a ton of possibilities when it comes to automating B2B transactions without having to interact with any bank account. For instance, payroll services could integrate directly with a company’s bank account to transfer money to its employees.
Bridge Pay can be integrated directly in the consumers’ app or service. When selecting payment via bank transfers, users get a list of banks, they connect to their bank account, choose an account and initiate a payment.
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