Software company Lemonway and European open banking platform Tink are teaming up on Pay By Bank, an open banking-fueled initiative. The pairing brings Tink’s payment initiation services to Lemonway’s European customers and allows merchants to utilize a secure digital payment platform.
“The launch of Pay By Bank ensures we continue to offer our customers an industry-leading secure, scalable and compliant payment solution,” said Simon Berger-Perrin, chief product officer at Lemonway, in the IBS Intelligence report on Friday (Sept. 17).
“Our ambition has always been to contribute to the success of marketplaces by enabling them to give their users a safe and frictionless payments experience. By connecting to Tink’s PIS solution, Lemonway can access a complete portfolio of banks across Europe through just one API integration, enabling us to scale Pay By Bank across Europe with ease,” he added.
Pay By Bank increases customers’ payment thresholds and gives them a secure transaction pathway that can be initiated directly from the bank without manually filling in payment details. It will also allow investment firms to connect directly with their investors’ bank accounts for quicker onboarding without delays when adding new beneficiaries.
“We are proud to partner with Lemonway to help it take a fast, simple and secure open banking payment experience to its marketplace customers across Europe,” said Jerome Albus, director of France & Benelux at Tink, in the IBS Intelligence report.“Pay By Bank is a win-win for merchants and their customers by reducing both the costs associated with payments and the time and effort it takes to complete a transaction. We look forward to continuing to develop our partnership with Lemonway in the coming months and years, to increase innovation in the payments market.”
Related news: Why Visa Thinks Tink Is the Way to Go for Open Banking
In June, Visa announced it was acquiring Tink for the equivalent of $2.1 billion. Tink’s platform allows financial services firms to build new products and services tied to the data they collect on their open banking platform. Consumers can then consent to their data being used by third parties as financial institutions craft new offerings.