Open banking platforms Tink and Revolut are strengthening their interest in open banking in a new collaboration.
Through Tink’s payment initiation services (PIS), cross-border money transfers in Europe for Revolut customers will receive an efficiency upgrade that would allow for the authorisation of payments within the Revolut app by connecting a bank account from where funds will be moved.
Ivan Chalov, Head of Retail at Revolut, said: “We are delighted to bring Tink’s solutions to Revolut. Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.”
Co-Founder and CEO of Tink Daniel Kjellén complimented the relationship between the two companies, calling it an “important step” for open banking.
“Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers,” Kjellén commented.
“We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking powered payments across Europe.”