Splitwise joins forces with Tink

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.