Payments processor Adyen has partnered with open banking platform Tink to embed Tink’s tech into Adyen’s platform, enabling account to account (A2A) payments for its users.
The open banking payments partnership builds on the existing partnership between the two firms; Adyen customers can already verify account ownership using Tink’s Account Check technology.
By using real-time data drawn from individual or business bank accounts, this enables Adyen’s customers to automate payout setup, reducing operational overheads and payment errors.
Edgar Verschuur, head of global acquiring at Adyen, says: “With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey.”
Tom Pope, head of payments and platforms at Tink, says the partnership with Adyen will “rapidly accelerate the global adoption of open banking powered payments”.
Pope adds that for the UK specifically, Tink will be working with Adyen to “pioneer VRP, and truly move the market forward”.
Adyen says its open banking integration will launch first in the UK, with plans to expand to multiple markets in 2023.
Image and article originally from www.fintechfutures.com. Read the original article here.