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Revolut is using payment initiation services (PIS) technology from open banking player Tink to let users across Europe seamlessly move money into their account.
Tink’s PIS technology enables users to connect to the bank account they want to move money from, and instantaneously authorise and complete the payment without leaving the Revolut app.
Daniel Kjellén, CEO, Tink, says: “We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking powered payments across Europe.”
Ivan Chalov, head, retail, Revolut, adds: “Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.”
On stage at Money 20/20 Europe, Kjellén also announced that Tink will be partnering with Dutch payments provider Adyen. “This is testament to the importance of payment initiation and the growth that we’ve seen in the space,” he says. “We like to think of ourselves as the boring plumbing, the rails, and we try to power the pioneers. The pioneers are the big banks, or the scale ups like Adyen and Revolut. But we are dependent on people who want to build completely new services for the first time, and have the kind of ability to really have mass market adoption.”
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