Its Payment Initiation Services (PIS) product is now live in the Netherlands, Norway, Estonia, Finland, and Latvia. Tink operates in 18 markets in total across Europe, connecting to over 250 million bank customers.
Open Banking payments, often called Pay by Bank, is a transfer of money from one bank account to another. The payment 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. The payment is authorised using the bank’s own system, reportedly making it a secure, frictionless, and low-cost payment method.
Tink’s payments expansion to new markets reflects the rise in consumer demand for improved digital experiences, according to the official press release.
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