Payments firm SlimPay and open banking platform Tink have teamed up to provide merchants access to open banking powered account-to-account payments.
By combining Tink’s technology with SlimPay’s open banking solutions, merchants using SlimCollect can offer their customers a quick and seamless payments journey.
SlimPay recently held a focus group that found that 80% of consumers are concerned about security when paying online. SlimCollect solves this issue as the payment is authorised directly with the user’s bank.
Through a streamlined user experience, there is no need to manually enter card details or IBAN numbers to make a payment and no sensitive information is shared with merchants. Consumers simply authorise the payment through biometrics.
Through the partnership, Tink will enable SlimPay to scale across multiple European markets at speed with a single API, offering one payment method across the entire SEPA zone. This will help remove the dependency merchants have on local payment methods.
Speaking on the partnership, Tink head of payments and platforms Tom Pope said, “We’re proud to partner with SlimPay to help give more merchants access to innovative payment solutions. Advancements in mobile payments in recent years, combined with the strong development of open banking infrastructure and regulation, makes it more compelling for payment providers to adopt open banking payments.
“Our aim is to be the backbone of payments services providers across Europe, to enable inclusive, streamlined, fast-settlement, low-cost payments solutions.”
Tink recently released a report that claims financial institutions across Europe are “betting big” on open banking payments.
In its first open banking report of 2022, the company found that three quarters of financial executives (74%) ranked increased payment security and fraud mitigation as key benefits of open banking payments. While the ability to deliver instant transfers (70%) and the potential to reduce costs for merchants (67%) were also cited as important advantages.
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