Lemonway partnered with Tink to launch Open Banking powered payments

By Joy Dumasia

Lemonway has launched Pay By Bank in partnership with Tink to bring open banking-powered payments to its customers across Europe. By integrating Tink’s payment initiation services (PIS), Lemonway can enable merchants to offer a fast and secure digital payment method that improves the user experience.

Pay By Bank expands the payments options available to Lemonway’s customers and provides a more seamless experience compared to traditional payment methods. It offers higher payment thresholds and a secure transaction method that takes fewer steps to complete because the payment can be initiated directly from the Bank without manually filling in payment details.

Pay by Bank also aims to revolutionise payments in the wider financial services market. The new service will enable investment firms to connect directly to their investors’ bank accounts, enabling faster onboarding experiences and avoiding delays when adding beneficiaries to an investment account to deposit and receive funds.

Simon Berger-Perrin, Chief Product Officer at Lemonway, said: “The launch of Pay By Bank ensures we continue to offer our customers an industry-leading secure, scalable and compliant payment solution. Our ambition has always been to contribute to the success of marketplaces by enabling them to give their users a safe and frictionless payments experience. By connecting to Tink’s PIS solution, Lemonway can access a complete portfolio of banks across Europe through just one API integration, enabling us to scale Pay By Bank across Europe with ease.”

Jerome Albus, Director France & Benelux at Tink, said: “We are proud to partner with Lemonway to help it take a fast, simple, and secure open banking payment experience to its marketplace customers across Europe. Pay By Bank is a win-win for merchants and their customers by reducing both the costs associated with payments and the time and effort it takes to complete a transaction. We look forward to continuing to develop our partnership with Lemonway in the coming months and years, to increase innovation in the payments market.”