New American Express customers now won’t have to manually enter their details or send supporting documents thanks to Tink’s API.
We’re no stranger to fintechs teaming up with incumbent banks, but this latest partnership could see open banking finally break into the mainstream.
Open banking fintech Tink has joined forces with American Express to help improve the credit card giant’s process of adding new customers.
By integrating Tink’s open banking capabilities, AmEx will allow prospective card members to seamlessly connect their bank accounts and instantly verify their identities.
"Our partnership with Tink will help make it easier and faster for future customers to apply for our American Express products digitally,” Fredrik Sauter, head of growing markets at American Express, said.
“Open banking technology not only speeds up the digital application process but also helps us make better decisions. When looking for an open banking partner, Tink was a clear choice for us, due to its position as the leading European open banking platform."
The new partnership will eliminate the need for new American Express customers to manually enter their details or send any additional documents, saving time and improving customer experience.
“Tink's account verification, income verification and risk analysis technology will streamline the onboarding process for American Express customers, as we work together to create the future of financial services,” Daniel Kjellén, co-founder and CEO of Tink, added.
“This sets the standard for how larger brands are using open banking technology to convert analogue processes to digital, enhancing the customer experience."
Founded in 2012, Tink connects to more than 3,400 banks that reach over 250m customers across Europe.
Tink and BNP Paribas first entered into a strategic partnership just over a year ago at the end of January 2020 after Opera Tech Ventures, BNP Paribas’ venture capital arm, took part in Tink’s €90m fundraise, which it has since doubled.