Danish challenger bank Lunar Way has chosen the Tink API to add new payments and personal finance tools to its mobile banking app.
Tink, which designs a range of open banking tools, will be deploying its Account Aggregation product to Lunar Way, giving users the ability to connect to any bank account including those for mortgages, investments, loans and others. In addition to better connectivity, customers of the bank will be able to see all of their finances from a single app.
Once this solution has been implemented, Lunar Way will integrate the payment initiation solution. This will let users make payments to and from any of their aggregated accounts without having to leave the Lunar Way banking app.
Founded in 2015, Lunar Way is a banking app which is available in the Nordics, for both personal and business uses. The app enables consumers to monitor they payments, set saving goals, and complete transactions.
In a blog post from Tink, it said, “For the Danish fintech, the question of whether to build or buy was an easy one. They estimated that it would require the work of one full-time employee just to build connections to the new APIs banks are required to roll out by September as part of the EU’s PSD2 legislation. And they will only offer access to current accounts.
“For Lunar Way and its ambitions, building the connections in-house would have taken too long. To get to market faster – and be able to focus manpower on other things – they’re implementing aggregation and payment initiation by integrating with our one API.”
Sweden-based Tink previously raised a round of funding in 2017 from ABN AMRO and SEB, and other a number of other banks.
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