As part of this partnership, Sambla Group will incorporate Tink’s full risk product suite, which includes services such as Income Check, Risk Insights, and Expense Check. Consequently, lenders using the Sambla Group network will be able to access real-time data in order to obtain faster and more accurate affordability assessments. The implementation also aims to help loan applicants secure the best deals.
The open banking product suite relies on real-time data that forms a clear picture of the affordability of the loan applicants for Sambla Group. In essence, the solutions streamline the verification process, minimise the time it takes to apply for a loan, and improve user experience.
Officials from Sambla Group have stated in the official press release that the future of credit and smart financial decisions is linked to a better understanding of each individual's financial track record. According to the same officials, Tink's risk products can deliver the necessary insights without adding unnecessary friction for customers and partners.
Tink is a Europe-based open banking platform that allows banks, startups and fintechs to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, verify account ownership and create personal finance management tools. According to the official press release, Tink links to more than 3,400 banks that reach over 250 million bank customers across Europe.
In October 2022, Tink partnered with financial management app Snoop to offer customers personalised insights into how they can grow savings and pay debt. Snoop’s officials revealed that working together with Tink means they can provide contextual money-saving insights and deliver a personalised and accurate customer experience. Earlier in 2022, Snoop passed 1 million customers, and the company now plans to expand into the employee benefits market.
In the same month, Tink joined up with fintech platform Adyen for Open Banking powered payments. As part of the deal, Tink’s technology will be embedded into Adyen’s single platform, allowing Adyen customers to offer Open Banking payments to consumers.
Adyen will use Tink’s payment initiation technology to enable businesses to access account to account (A2A) payments. Adyen’s Open Banking integration will launch first in the UK, with plans to expand to multiple markets in 2023.
In September 2022, Tink partnered with recurring payments provider SlimPay to enable frictionless account-to-account (A2A) payments in Europe. Following this partnership, SlimPay merchants were able to offer a secure way to set up a direct debit that lets users authenticate and make the initial payment through Open Banking without having to manually enter their details or leave the merchant’s app or website.
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