Tink inks partnership with Wealthify to bring open banking to investing
Thanks to Tink’s open banking capabilities, Wealthify customers now won’t have to leave the app to top up their accounts.
The trading platform will use Tink’s payment initiation service (PIS) technology to enable new users to seamlessly transfer an initial investment sum when they first set up a Wealthify account and make additional top-ups along the way.
“This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates,” Rafa Plantier, UK and Ireland country manager at Tink, commented.
“We look forward to developing our partnership with Wealthify to this end, to help give their 50,000 investors a better payment experience.”
Prior to the partnership, Wealthify’s customers had to manually initiate payments through either online or app-based banking.
From today, users will be able to connect their bank account in the Wealthify app or web platform and deposit money in their accounts in just a few steps.
“Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments,” added Simon Holland, chief product officer at Wealthify.
“The customer response has already been brilliant, and our partnership enables us to make more of our customers' money work harder, by maintaining our market-leading low fees.”
The new partnership comes just over a week after it was revealed Tink had acquired German open banking infrastructure fintech FinTecSystems, using a slice of its €85m funding round from the end of 2020 to do so.
Over the next year, Tink also hopes to double its employee numbers by 50 per cent, adding 200 new roles to its 400 existing employees.