Tink and Novalnet team up for open banking powered payments

By Megha Bhattacharya

German full-service payment provider Novalnet AG, and European open banking platform Tink, have partnered to bring a new open banking payment solution to the European payments market.

By partnering with the open banking provider for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe. Novalnet’s real-time merchant payments feature will be launched initially in Germany and the United Kingdom. The solution will then be integrated across other European markets during 2021. Through this partnership, the companies aim to accelerate the innovation of new solutions in the European payments market.

Emmanuel Kirse, COO of Novalnet, commented, “We expect great things from our strategic partnership with Tink, which is a significant development for both parties. With Tink, Novalnet can offer a new set of open banking related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants.”

Cyrosch Kalateh, Regional Director for the DACH region at Tink added, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe. At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85 million investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”