Adyen is now offering open banking on its single platform.
Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, is pleased to announce that Adyen is now offering open banking on its single platform. This pay-by-bank solution was realised in partnership with Tink, an open banking platform that enables financial institutions, fintechs and startups to build financial products and services. With its focus on powering seamless payment journeys, Adyen is excited to equip businesses to seamlessly offer next generation open banking. Adyen’s open banking integration has launched first in the UK, with plans to expand to multiple European markets in 2023.
“Today’s consumers don’t just appreciate having a variety of payment options - they expect it,” said Edgar Verschuur, Adyen’s Head of Global Acquiring. “With our open banking solution, shoppers can pay directly from their own trusted banking environment. We innovate quickly to meet consumer needs by providing a breadth of convenient, fast and secure payment options. Partnering with Tink for open banking is the latest way we have evolved our technology to deliver on this goal.”
Adyen’s open banking solution offers a range of benefits for customers and their consumers alike. By facilitating the connection between banks and businesses, the technology enables consumers to pay directly from their preferred banking environment. In addition to bringing greater choice and convenience to the payment stage, account-to-account bank transfers provide shoppers with more transparency into their account balance. All of these pay-by-bank advantages are made possible through Adyen’s one-click, single integration and platform.
Tom Pope, Head of Payments and Platforms at Tink added: “We have long admired Adyen as a payments leader, and are proud to be working together to help businesses access next-generation payments. With the scale of Adyen’s reach, our partnership will rapidly accelerate the global adoption of open banking powered payments.”
Adyen’s open banking functionality is designed to be dynamic. It has been developed as a white-label solution so that only the business’ name is shown in consumer bank statements. When a shopper chooses to pay by bank, they will automatically be presented with their bank’s authentication method. Adyen’s open banking option is available across all major operating systems, including API, web, iOS and Android devices.
Learn more about Adyen’s open banking solution here.
Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Facebook, Uber, H&M, eBay, and Microsoft. Adyen continuously improves and expands its product offering as part of its ordinary course of business. The cooperation with Tink as described in this update underlines Adyen’s continuous growth with current and new partners over the years.
Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Founded in 2012 in Stockholm, Tink became a wholly owned subsidiary of Visa in 2022. Tink’s 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries. We power the new world of finance. For more information, visit tink.com.