Open banking platform Tink strikes payments deal with Revolut

By John Reynolds on Wednesday 8 June 2022

Digital Banking

The deal is centred around Tink’s payment initiation services (PIS) technology, which let users pay companies directly from their bank account rather than using their debit or credit card through a third-party such as Visa or MasterCard. 

Open banking platform Tink strikes payments deal with Revolut
Image source: Daniel Kjellén/Tink.

Tink, the European open banking platform, has struck a payments deal with Revolut, marking the latest in a wave of open banking tie-ups.

The deal will be formally announced at the European Money 20/20 conference in Amsterdam today (Tuesday, 7 June) by Daniel Kjellén, CEO and co-founder of Tink.

It's a deal centred around Tink’s payment initiation services (PIS) technology, which lets users pay companies directly from their bank account rather than using their debit or credit card through a third-party such as Visa or MasterCard. 

The technology will allow Revolut users to connect the bank account they want to move money from, and instantaneously authorise and complete a payment without leaving the Revolut app.

Daniel Kjellén, co-founder and CEO of Tink, said: “Revolut is one of the biggest success stories of the financial services revolution, offering services that better meet the needs of customers."

“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.”

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.”

In 2022, Visa acquired Tink in a bumper €1.8bn takeover of the Swedish open banking platform.

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Companies in this Article:

Mastercard
Revolut
Tink