Open banking platform Tink is teaming up with UK-based wealth app Chip, to supply Tink-powered Cost Initiation Companies (PIS) to Chip prospects.
By means of the brand new partnership, Tink, a Visa answer, will present safe open banking-powered cash transfers for Chip customers topping up their accounts. Chip goals to supply a one-stop store for financial savings and investments and has already helped over 500,000 members within the UK develop their wealth.
“It’s sensible to accomplice with Tink, whose open banking options present a quick and safe possibility for our customers including cash to their financial savings on the Chip app,” mentioned Alex Latham, co-founder of Chip. “We’re wanting ahead to working with the Tink crew to advertise these cost choices, with just a few extra thrilling updates coming quickly.”
In March, Tink revealed that 10,000 retailers had chosen Pay by Financial institution through its Cost Service Supplier partnerships, shortly earlier than hitting a brand new €100million peak in a single day for its cost initiation providers throughout Europe.
The open banking platform mentioned on the time that it anticipated 2025 to show a “essential tipping level” for open banking options like Pay by Financial institution as use instances develop and increase into extra markets.
Ian Morrin, head of funds at Tink, additionally commented on the latest partnership with Chip: “Chip has been on an amazing development journey in recent times, and we’re delighted to change into a part of their success story by bringing extra cost choices to their person base.”
The information additionally comes a bit over a month after Tink joined forces with Adyen, the fintech platform serving companies, and main telecoms firm Vodafone, to supply prospects in Germany the choice to pay their pay as you go tariff and excellent postpaid balances utilizing Pay by Financial institution.
