Tink: Helping banks expand data-driven financial services

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Recognized as one of the leading open banking platforms in Europe, Tink enables banks, fintechs and startups to develop data-driven financial services.

The company was founded in Stockholm in 2012 with the aim of changing banking for the better and has 400 employees serving 14 European markets from 10 offices.

Through a single API, Tink enables its customers to access aggregated financial data, use smart financial services such as risk insights and account verification, and build personal finance management tools. Tink is integrated with over 3,400 banks and financial institutions, reaching millions of banking customers across Europe.

Takeover of Tink by Visa

On June 24, 2021, Visa, the global leader in digital payments, announced that it had signed an acquisition agreement to acquire Tink for €1.8 billion.

“By bringing together Visa’s network of networks and Tink’s open banking capabilities, we will deliver increased value to European consumers and businesses with tools to make their financial lives simpler, more reliable and more secure,” said Alfred F. Kelly, Jr. CEO and Chairman of Visa.

The combination of Visa’s proven infrastructure and sustained investments in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships should help accelerate open banking adoption by Europe by ensuring a secure and reliable innovation platform.

Open banking introduces new capabilities

More recently, Tink announced the launch of “Income Check” in the UK – a service that streamlines income verification using open banking technology.

The Income Check product allows banks and lenders to instantly verify a person’s income using secure, real-time data directly from their bank account. Through facial recognition or with a single click, customers can consent to log into their bank account, where incoming transactions over 12 months are categorized into salary, pension, benefits or cash deposits.

The UK launch follows the successful rollout of Tink’s Income Check product across Europe in Sweden, Finland, Spain, France, Belgium, Germany and the Netherlands.

Tasha ChouhanUK & IE Banking Lead at Tink commented: “While income verification has always been a crucial part of the lending industry, the process itself was far from simple – until now. Thanks to new features made possible by open banking, income verification has finally entered the digital age, taking minutes to verify instead of days or weeks.The arrival of our Income Check product in the UK means that our partners UK citizens can now instantly verify income directly from a user’s bank account, based on granular and secure real-time transaction data.

“It adds value to both businesses and consumers; by making the process fast, frictionless and more accurate, we can reduce costs and improve the customer experience. At the same time, better use of data leads to better decisions, which can make financial services and loans more accessible to more people in society. »

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