Payments giant Visa has officially completed the acquisition of open banking platform Tink for an undisclosed fee.
Through a single API, Tink enables its customers to move money, access aggregated financial data and use smart financial services such as risk insights and account verification. Tink is to date integrated with more than 3,400 banks and financial institutions.
According to Visa, the combination of Visa and Tink is expected to enable clients to deliver substantial benefits for consumers to better control their financial experiences, including managing their money, financial data and financial goals. Businesses of all sizes will also have access to a greater and more customised range of tools to operate digitally and securely.
Visa chief product officer Jack Forestell said, “Openness and innovation are the two vital elements necessary to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation.”
Tink CEO and co-founder Daniel Kjellén added, “Global networks enable innovators to scale, and Visa provides the best foundation for Tink to build on. Visa will help Tink increase its connectivity to more than 15,000 financial institutions, utilising Visa’s consumer trust and brand recognition to develop the future of financial services, that we can together offer to clients throughout Europe, and around the globe.”
In the near-term, Tink will operate as a standalone subsidiary of Visa, with Kjellén and the existing Tink team continuing to lead the organisation.
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