Payment service provider Tink has partnered with Splitwise, an app for sharing bills and expenses, to bring Pay by Bank to Splitwise users.
Through this collaboration, Splitwise users can now send direct payments to friends and family directly from its app. This eliminates the hassle of switching between banking apps to initiate payments and then returning to Splitwise to confirm settlement, streamlining the entire process for millions of its users.
Jonathan Bittner, CEO and Co-Founder of Splitwise, said: “We have always believed that any customer of ours should be able to pay their friends or family back securely and safely, right from within our app. Our open-banking partnership with Tink is enabling a long-awaited step towards that goal.
“Tink has been an ideal partner for our Pay by Bank functionality and we are eager to expand open-banking solutions with them in other regions.”
Alongside Pay by Bank, Splitwise users can use Tink’s Account Check feature to seamlessly connect their bank information with their Splitwise account, confirming the owner of a bank account by fetching real-time data from banks. Once bank details have been verified, these details can be used to initiate and receive payments through the app.
Ian Morrin, Head of Payments and Platforms at Tink, commented: “Splitwise is a fantastic tool for consumers to manage their money and easily calculate who owes who what. We have thoroughly enjoyed teaming up to enhance the user experience by making it possible to pay back friends instantly.
“Accepting bank payments directly from within the app means avoiding both manual entry and clunky redirects as well as minimising fraud.”
So far this year, Tink has partnered with several companies, becoming the door to Open Banking for firms across the payments landscape.
Most recently, the payment service provider agreed a deal with Payop, which, like this deal, centred around its Pay by Bank feature, enhancing the firm’s point-of-sale (POS) options.
Morrin concluded: “Pay by Bank is a truly innovative payment method that is powered by open banking technology, which we believe will change the way we pay. Consumer adoption is naturally a big focus of ours and the key to accelerating the adoption is to provide an efficient user experience built on trust and understanding.”
