Tink and Tribe partner for open banking payments
We’re teaming up with payments provider Tribe in a channel partnership for open banking technology. The partnership will enable Tribe to combine its issuer and acquirer services, with Tink’s open banking payments – enabling Tribe’s customers to access both traditional and more innovative payment solutions.
Tribe is a pioneering payments technology company – enabling banks, fintechs and acquirers to offer innovative payments services without compromising quality, speed or scalability. Now, Tribe is teaming up with Tink in a channel partnership for open banking technology, enabling Tribe to combine its issuer and acquirer services, with payment initiation services (PIS), transactions and account check services powered by Tink.
In the first step of the partnership, Tribe’s UK customers now have seamless access to traditional payment methods alongside open banking payments – with transactions and account check to follow. Through its issuer and acquirer processing platform, ISAAC, Tribe’s customers can simply choose the payments modules that suit them.
Frictionless and invisible payments
‘There are 3 million consumers and businesses in the UK already using open banking enabled products and services in their everyday lives,’ said Alex Reddish, Chief Commercial Officer at Tribe. ‘We’re keen to help our clients capitalise on this opportunity to build even more compelling propositions in this space, strongly believing that open banking will play a huge part in enabling the frictionless and, eventually, invisible payment experiences of the future. Tribe was the first issuer processor to have launched initial compliance APIs for fintechs to harness the power of Open Banking without developing their own APIs, and we’re keen to continue investing in further Open Banking functionality. That’s why we’re excited about our partnership with Tink; we can now offer easy access to broader opportunities through a market-leading partner.’
PIS expansion across Europe
At the end of 2020 Tink closed a funding round of €85 million to help fuel our expansion of payments services across Europe. During 2021 we will increase staff by 50%, adding 200 new recruits to our almost 400 employees today. Many of these new recruits will focus on doubling our market presence for PIS services, by expanding operations to 10 European countries. Tink now processes around 1.5 million payment transactions per month, for clients including Swedish digital mailbox provider Kivra, used by 4 million adults among a total population of 10 million, and payment fintech Lydia, used by more than 5 million customers in France.
We’re proud to be partnering with Tribe to help give more businesses access to innovative payment solutions. The advancements in mobile payments in recent years, combined with the strong development of open banking infrastructure and regulation, makes it more compelling than ever for payment providers to adopt open banking payments. Our aim is to be the backbone of payments services providers across Europe, and enable inclusive, streamlined, fast-settlement, low-cost payments solutions.
Find out how you could build the future of financial services with Tink.