Splitwise joins forces with Tink

Tuesday 23 April 2024 08:58 CET | News

US-based expense splitting software Splitwise has entered a collaboration with Tink in a bid to provide the latter’s Pay by Bank service to its users. 

As part of the partnership, Splitwise is set to deliver Tink’s Pay by Bank solution to its customers, thus allowing them to initiate direct payments to friends and family from within its app. Through its services, Splitwise focuses on supporting users to organise expenses and track balances with friends and, by working together with Tink, the company aims to enable direct money transfers via its app. This is set to be provided in markets supported by Tink’s Open Banking solution, with the UK being the first region.

US-based expense splitting software Splitwise has entered a collaboration with Tink in a bid to provide the latter’s Pay by Bank service to its users.

Splitwise and Tink’s objectives

Initially, Splitwise’s users needed to exit the company’s app and go into their banking app to commence a payment and then return to Splitwise to confirm the settlement with their friends. The latest move enables customers to link their bank account and settle in seconds by starting a secure bank-to-bank payment, with the new experience coming as the next phase of the Splitwise journey. Additionally, the collaboration provides Splitwise with Tink’s Account Check, which allows users to link their bank details to their Splitwise account and confirms the owner by gathering real-time data from banks. After the bank details are verified, they can be leveraged to start and receive payments via the app.

Furthermore, Tink also provides Splitwise with its Pay by Bank solution which allows users to initiate payments directly from their bank account, within the latter’s app. Through this account-to-account payment method, customers are set to receive a more secure and simplified payment experience, as they can authenticate and pay within the app. According to Splitwise’s officials, the Open Banking partnership with Tink focuses on allowing customers to pay their friends and family securely and safely, directly from the app, and not being required to be redirected. The company plans to expand its partnership with Tink and cover additional markets in the upcoming period.

Representatives from Tink underlined that, by joining forces with Splitwise, the two companies intend to improve the user experience by allowing customers to pay back friends instantly. Accepting bank payments directly from within the app is set to minimise and remove manual entries and redirects while mitigating fraud. Tink has been working on increasing consumer adoption of Pay by Bank, which is enabled by Open Banking technology, with the company delivering an efficient user experience. Currently, Tink offers payments, banking, and lending solutions via more than 6,000 connections to banks to support the advancement of the financial environment. The company now operates in 19 markets, providing a fintech platform that serves global financial institutions.

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Keywords: partner, partnership, mobile banking, online banking, payments , account-to-account payment, Open Banking
Categories: Payments & Commerce
Companies: Splitwise, Tink
Countries: United Kingdom
This article is part of category

Payments & Commerce




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