Adyen and Tink partner for open banking payments
By Edlyn Cardoza
Adyen, the global financial technology platform of choice for leading businesses and Tink, the open banking platform, have entered a partnership for open banking-powered payments. The deal sees Tink’s technology embedded into Adyen’s single platform, enabling Adyen’s customers to seamlessly offer next-generation open banking payments to consumers.
Edgar Verschuur, Head of Global Acquiring at Adyen, commented, “With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey. Our aim is to always innovate to meet consumer needs by providing a breadth of convenient, fast and secure payment options. Partnering with Tink for open banking is the latest way we have evolved our technology to deliver on this goal.”
Adyen will utilise Tink’s payment initiation technology to enable businesses to access account-to-account payments. Adyen’s open banking integration will launch first in the UK, with plans to expand to multiple markets in 2023.
Open banking payments builds upon Adyen and Tink’s partnership for Account Check technology, which lets Adyen’s customers instantly verify account ownership to streamline payouts. By using real-time data straight from individual or business bank accounts, enables Adyen’s customers to automate payout setup, reducing operational overheads and payment errors.
“We have long admired Adyen as a payments leader, and are proud to be working more closely together to help businesses access next-generation payments,” said Tom Pope, Head of Payments and Platforms at Tink. “With the scale of Adyen’s reach, our partnership will rapidly accelerate the global adoption of open banking powered payments. For the UK specifically, we are excited to be working with Adyen to pioneer VRP, and truly move the market forward.”
Recently, IBS Intelligence reported that Adyen had partnered with Cash App to offer Cash App Pay, a mobile payment method, to Adyen’s customers in the United States. Businesses working with Adyen will access Cash App Pay as an integrated payment method for their U.S. customers. This payment method will be available online soon and in stores next year.
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