Open Banking alliance forged by Tink and Chip
In a recent development, Tink, a leading open banking provider, and Chip, a popular fintech app, have announced a strategic partnership. This collaboration is set to revolutionise the way Chip customers manage their savings and investment accounts.
The partnership is centred around Tink's Payment Initiation Services (PIS) and the 'Pay by Bank' solution, a Visa solution. This collaboration aims to provide Chip users with a seamless and secure method for transferring funds directly from their bank accounts to their Chip accounts, thereby reducing friction and costs associated with traditional payment methods.
One of the key features of this partnership is the 'Pay by Bank' solution, which allows Chip users to securely and efficiently transfer funds. This feature is expected to significantly improve the user experience by making transactions faster and more reliable, thereby reducing the likelihood of users dropping off during the transaction process.
In addition to seamless transfers, the partnership also offers Chip users real-time account insights, providing greater visibility into their savings and investment activities.
Ian Morrin, Tink's head of payments, expressed his excitement about the partnership, stating that Tink is eager to be a part of Chip's success story. Alex Latham, co-founder of Chip, also expressed his satisfaction, stating that Tink's open banking solutions provide a fast and secure option for adding money to Chip accounts.
This partnership is seen as a positive development for both companies, as it aligns with the evolving needs of fintech users for efficient and reliable financial services. Tink has previously partnered with Adyen and Recharge to offer 'Pay by Bank' in Germany, and this partnership with Chip is an extension of their commitment to expanding payment options.
More updates regarding the partnership between Tink and Chip are expected soon. With this collaboration, Chip customers can look forward to a more streamlined and secure way to manage their savings and investments, in line with the digital age of finance.
[1] Source: Tink press release [2] Source: Chip press release [3] Source: Visa press release
- The collaboration between Tink and Chip, driven by Tink's Payment Initiation Services (PIS) and the 'Pay by Bank' solution, aims to offer Chip users a secure and efficient method for transferring funds directly from their bank accounts to their Chip accounts, improving the user experience by making transactions faster and more reliable.
- This partnership also includes real-time account insights for Chip users, enhancing visibility into their savings and investment activities, thereby facilitating better management of their finances.
- With the 'Pay by Bank' solution, Chip users can expect a more streamlined and secure way to manage their savings and investments, mirroring the digital age of finance, as Tink continues to expand payment options, following partnerships with Adyen and Recharge in Germany.
