TransferGo partners with Tink to add Pay by Bank in the UK

By Gloria Methri

Global FinTech TransferGo has partnered with Tink to add Pay by Bank capability to its payments offering. TransferGo provides more accessible financial services by making international money transfers simpler, faster, and lower cost. It operates in 160 countries and has more than 7 million customers.

Pay by Bank is now live for TransferGo’s customers in the UK, introducing a new way to send money internationally more securely and quickly. It is an embedded payment method powered by open banking that allows consumers to initiate payments directly from their bank account.

With zero data entry and fewer redirects, this account-to-account payment method provides a low-cost, streamlined experience by letting users authenticate and initiate payments in a couple of clicks.

“Our mission is to create a fairer world for global citizens. Providing a simple, affordable, and secure way to send money internationally, Pay by Bank by TransferGo helps bridge the gap for individuals who may have previously been excluded from accessing or participating in financial services,” said Simon Moran, Chief Commercial Officer at TransferGo. “With the Tink partnership, we can offer a trustworthy, secure, and speedy solution, making international payments easier and creating more favourable conditions for global financial inclusivity.”

Ian Morrin, Head of Payments and Platforms at Tink, said, “Pay by Bank is one of the most frictionless ways to pay online. There is an enormous opportunity for Pay by Bank to make a tangible difference to those sending money internationally as it offers a simple way for customers to transfer money more securely, quickly and at low cost.”

He added, “At Tink, we have always aspired to make financial services more accessible by providing consumers with the most innovative payment solutions. Partnering with TransferGo, we can support them in their mission to remove barriers for their customers by offering a payment method that improves and simplifies the transfer of money; this is another step towards improving financial services.”