Pay by Bank has officially launched in Germany following a collaboration between three prominent payment service providers.
Open Banking solution Tink, global fintech Ayden and prepaid payments platform Recharge, came together to combine their expertise in their respective fields to help with the launch of Pay by Bank in Germany.
Consumers in the country will now be able to use the Pay by Bank option at the checkout. The Open Banking-backed payment method allows users to transfer money directly from one bank account to another.
Thomas Gmelch, Payments Director, DACH at Tink, said: “The appetite for Pay by Bank among merchants, especially those working with PSPs like Adyen, is really growing. At Tink we’ve seen recently that over 10,000 merchants have now chosen Pay by Bank via our PSP partnerships.”
Hella Fuhrmann, Country Manager DACH at Adyen, added: “Our long-standing collaboration with Tink empowers us to introduce this innovative technology, allowing customers to make payments directly from their bank account. We offer our customers a subscription to innovation to help them achieve their goals faster.”
The payment method was facilitated by the existing partnership between Tink and Adyen. The two companies first partnered in October 2022 to utilise Tink’s Account Check solution for enhanced verification of real-time account ownership.
Recharge’s role in the launch will initially focus on offering Pay by Bank on Guthaben.de, a prominent German financial website. Customers of Guthaben.de can now select Pay by Bankwhen buying vouchers.
Günther Vogelpoel, CEO at Recharge, commented: “We pride ourselves on ensuring consumers are in the driving seat when it comes to how they choose to pay for brands and services.
“Bringing Pay by Bank to our platform with Tink and Adyen, starting with our German customers on Guthaben.de, supports those who value security, speed, and convenience in their payment experience.”
The launch demonstrates the continued rollout of Open Banking across various markets, expanding from the borders of one its leaders the UK, as well as across the Atlantic in the US. Convenience and security are often cited as the main benefits of using Open Banking-based payment methods.