Revolut, a global financial service provider, has entered into a partnership with Tink, an open banking platform, to enable its users across Europe to move money easily into their accounts.
The service provider said Tink’s payment initiation service (PIS) makes it possible for users to connect to the bank account they want to move money from.
Once connected, it said, users can then authorize and complete the money transfer without leaving the Revolut app.
Ivan Chalov, Revolut’s Head of Retail, said the partnership will enable the service provider to expand its open banking services across new markets in a fast and sustainable way.
Daniel Kjellén, the Chief Executive Officer of Tink, sees the partnership as an important step in the mass-market adoption of open banking-powered payments across Europe.
Revolut and Tink
In April, Revolut partnered with Cross River Bank, a prominent technology infrastructure provider that offers embedded financial solutions, to deepen its presence in the US market through the latter’s technology and regulatory infrastructure.
Through the partnership, Revolut intends to deliver more affordable access to credit.
“At Revolut, we’re building the world’s first global financial super-app, so the move into credit and personal loans is a natural next step,” Tarun Bhushan, Revolut’s US Head of Lending, explained.
“Revolut has developed technology to provide loans instantly to approved customers, with no origination fees, so customers can get the credit they need, when they need it,” Bhushan added.
Since the start of 2021, Revolut has been expanding its presence significantly across different regions.
In February 2022, the fintech company enhanced its offerings for Aussie clients with the launch of stock trading services.
Meanwhile in March, the global payments giant, Visa, completed its acquisition of Tink after first signing an agreement in June 2021 to acquire the open banking platform.
Through the acquisition worth €1.8 billion, Visa is using the platform to assist its clients with sustainable benefits.
“Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and quality of digital money services as the lines between commerce, financial services and payments continue to converge,” explained Charlotte Hogg, the CEO of Visa Europe.
