Revolut continues to make inroads across Europe through a new partnership with Tink. The open banking player offers payment initiation services to let users connect to a bank account they want to move money from. Additionally, they can instantly authorize and complete payments without leaving the Revolut application.
Another Big Step For Revolut
There is a growing demand for more convenient financial solutions. Even though there are many options to complete payments – certainly in the Western world – things can always be better. Tink and its technology showcase the potential of moving money into one’s account without friction.
That approach also proves useful to providers like Revolut. By using Tink’s payment initiation services, Revolut users can move money, authorize payments, and complete transactions from within the application itself. It is a significant step forward for users and will strengthen Revolut’s position in the European market. Convenience is always a strong selling point, and consumers will flock to whichever option is easiest for them.
Tink CEO Daniel Kjellen also confirmed a partnership with Adyen:
“This is a testament to the importance of payment initiation and the growth that we’ve seen in the space. We like to think of ourselves as the boring plumbing, the rails, and we try to power the pioneers. The pioneers are the big banks or the scale-ups like Adyen and Revolut. But we are dependent on people who want to build completely new services for the first time and have the kind of ability to really have mass-market adoption.”
By partnering with both Revolut and Adyen in quick succession, Tink continues to make strong inroads across Europe and the UK. Moreover, Revolut will bring its open banking services to new markets without compromising sustainability or speed of execution. More competition in the payments landscape will lead to innovative products and services and an overall better user experience.