In essence, Tink has become one of the inaugural participants in the European Payments Council's newly introduced SEPA Payment Account Access (SPAA) scheme. This scheme, designed to facilitate Open Data access, aims to ensure that banks maintain robust application programming interfaces (APIs) and real-time payments infrastructure by providing adequate incentives.
Tink's involvement with SPAA dates to 2019 when it became a founding member of the SPAA Multi-stakeholder Group (SPAA MSG). The culmination of five years of development, the launch of the SPAA Rulebook and Scheme Default Fees in November 2023 marked a step forward for account-to-account (A2A) payments within the European Union. The rulebook establishes a standard for industry-led efforts to capitalise on the opportunities presented by Open Banking and instant payments.
In the official press release, representatives from Tink expressed satisfaction with Tink's role in shaping SPAA and its participation in the scheme. They highlighted the importance of a sustainable and commercially viable model that benefits all stakeholders in driving compelling and competitive A2A payment solutions and also urged banks and other third-party providers to join SPAA to support a new era of A2A payments, offering choice and innovation to European payment systems.
Tink, established in Stockholm in 2012 offers solutions for payments, banking, and lending, catering to the evolving landscape of finance. A subsidiary of Visa, Tink operates in 19 markets, serving numerous financial institutions with its fintech platform. By leveraging data-driven experiences, Tink assists its partners in streamlining processes and enhancing user experiences for consumers worldwide.
In January 2024, Tink launched Risk Signals, which is a rules-based risk engine that unlocks payment experiences across Europe while minimising risk.
In certain European markets, bank transfers can take up to three days, which can create a level of uncertainty for businesses. The dilemma is whether to provide instant services, risking non-settlement, or wait for payment confirmation, risking customer loss. To address this issue, Tink’s product allows transactions to be assessed in seconds while the payer progresses through the payment, adding minimal friction to the user experience.
Risk Signals uses account, balance, and transaction data shared under a valid consent by the payer to make more accurate risk decisions to minimise fraud. These risk checks occur seamlessly in the background at checkout.
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