Visa has completed the acquisition of open banking platform Tink, the payments company revealed on Thursday.
Tink allows customers to move money, access aggregated financial data, and use smart financial services like risk insights and account verification, all through a single API. The platform is integrated with over 3,400 banks and financial institutions, reaching millions of bank customers across Europe.
With the deal finalised, the combined business of Visa and Tink will allow clients to deliver benefits for consumers to better control their financial experiences, such as managing their money, financial data and financial goals. Small and large businesses will have access to more customized tools to operate digitally and securely, like initiating payments, reconciling bank statements and accounts or enabling alternative financing.
Digital tools are driving the new economy, and the combination of Visa and Tink will support greater choice and quality of digital money services as the lines between commerce, financial services and payments continue to converge.
Jack Forestell, Chief Product Officer of Visa, added:
Openness and innovation are the two vital elements necessary to fuel the growth of future digital financial services. The combination of Visa’s proven infrastructure and sustained investment in resilience, cybersecurity and fraud prevention with Tink’s APIs, technology and customer relationships will help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation.
In its official announcement, Visa revealed that Tink will operated as a as a standalone subsidiary for the near future. Its existing management team, including CEO and Co-founder Daniel Kjellén will continue to lead the organisation.
Daniel Kjellén, CEO and co-founder of Tink, said:
Daniel Kjellén Source: LinkedIn
Global networks enable innovators to scale, and Visa provides the best foundation for Tink to build on. Visa will help Tink increase its connectivity to more than 15,000 financial institutions, utilizing Visa’s consumer trust and brand recognition to develop the future of financial services, that we can together offer to clients throughout Europe, and around the globe.
Earlier in December, Visa has announced the completion of the acquisition of the British cross-border payments provider Currencycloud.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
