American Express has teamed with Swedish open banking business Tink to bolster the latter’s onboarding process for new card members.
Established in 2012, Tink’s platform is connected to over 3,000 banks and reaches over 250 million bank customers across Europe. The company processes over one million transactions per month.
Tink said integrating open banking technology into the American Express application and risk analysis process will enable potential card members to connect their bank accounts seamlessly as well as verify their identity, income and account information instantly with American Express.
The Swedish firm added this would eliminate the need for customers to enter their details or send further documentation to American Express.
According to Tink, the partnership will see its open banking services used in France, Spain, Sweden, Norway, Belgium, Finland, Germany and the Netherlands.
American Express head of growing markets Fredik Sauter said, “Our partnership with Tink will help make it easier and faster for future customers to apply for our American Express products digitally.
“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.”
Tink co-founder and CEO Daniel Kjellen added, “We are proud to announce this partnership with American Express, one of the world’s leading payment companies with more than 100 million cards in operation worldwide.
“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. This sets the standard for how larger brands are using open banking technology to convert analogue processes to digital, enhancing the customer experience.”
Tink entered into a partnership with Italian firm BNL to launch a multi-banking service to the Italian bank’s app. Through the deal, BNL will be able to offer its customers a 360-degree view of their finances and not just their BNL accounts.
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