SSP partners with Tink

SSP, which specialises in account-to-account payments with over 14,000 merchants in Europe, will use Tink’s Payments technology to power its new Pay by Bank option in multiple Eurozone countries including France, Germany, Italy, and Spain.

SSP merchants will be able to add Pay by Bank to their payment options in Europe in the coming weeks with the rollout already underway.

While the Pay by Bank user experience is faster than that of traditional payment methods, the underlying payment rails determine how fast the payment settles. In the UK, where the Faster Payments System has seen strong adoption, real-time payments are already a reality. Elsewhere in Europe, however, merchants may need to wait up to one business day for the funds to settle depending on whether the user’s bank supports the SEPA Instant Credit Transfer scheme.

However, as more consumers are exposed to Pay by Bank, the volume of Open Banking payments is increasing rapidly. In the six months to March 2022, there were over 21 million payments in the UK with a month-on-month growth of 10%, says the OBIE.

Why the collaboration?

The partnership follows from news of a number of payment platforms in Europe working with Tink to offer Pay by Bank to merchants at scale. This means more and more consumers have the option of selecting Pay by Bank at checkout to make a quick, secure payment directly from their bank account. For merchants, Pay by Bank represents a simple, low-cost, and low-fraud payment method that complements their existing options.

In May 2023, Goodlord partnered with Tink, to maintain the use of financial technology in tenancy referencing. Following this deal, Goodlord leverages Tink’s Income Check technology in order to offer its clients and tenants fast, secure, and effective referencing, as well as to improve its fraud detection and fraud management capabilities.

Earlier, Younited joined forces with Tink for accurate affordability assessments. Younited receives clients' up-to-date financial data in seconds and processes credit applications instantaneously because of Tink's data aggregation and pan-European connection. This allows Younited to input pertinent data into its own high-end AI-based algorithms, resulting in a holistic, accurate, and up-to-date view of applicants' spending patterns and income streams, allowing for a simplified and accurate affordability assessment with an instant conclusion.