Leading payments fintech SlimPay and Tink, Europe’s leading open banking platform, have entered into a European partnership to offer merchants access to open banking powered, account-to-account payments.
By combining Tink’s technology with SlimPay’s open banking solutions, merchants using ‘SlimCollect’ can now offer their customers a quick and seamless payments journey.
A recent SlimPay focus group found that 80% of consumers are concerned about security when paying online. SlimCollect helps solve this, as the payment is authorised directly with the user’s bank. A streamlined user experience means there is no need to manually enter card details or IBAN numbers to make a payment, and no sensitive information is shared with merchants. Consumers simply authorise the payment using biometrics such as fingerprints or facial recognition, while merchants will enjoy higher payment limits and fast fund availability, to help them optimise cash flow.
SlimPay pioneered SEPA Direct Debits and strives to continue to lead payments innovation across Europe by investing in new technology to better serve customers. The partnership with Tink will enable SlimPay to scale across multiple European markets at speed with a single API, offering one payment method across the entire SEPA zone. This will help diminish merchant’s dependency on local payment methods and make it easier to do business across multiple markets.
Jérôme Traisnel, CEO at SlimPay said: “By collaborating with Tink, SlimPay can leverage open banking across Europe using a single partner. With SlimCollect, we offer merchants a secure account-to-account payment to collect their revenue. We’re excited to see what we can achieve with Tink, as open banking becomes more mainstream in Europe.”
Tom Pope, Head of Payments and Platforms at Tink added: “We’re proud to partner with SlimPay to help give more merchants access to innovative payment solutions. Advancements in mobile payments in recent years, combined with the strong development of open banking infrastructure and regulation, makes it more compelling for payment providers to adopt open banking payments. Our aim is to be the backbone of payments services providers across Europe, to enable inclusive, streamlined, fast-settlement, low-cost payments solutions.”