The global financial super app Revolut has entered into a strategic partnership with Tink to offer its European customers seamless payment solutions powered by open banking technology. Here’s how Revolut is hoping to improve its customers’ payment journeys with PIS.
Since its launch in 2015, Revolut’s aim has been to help its customers get more from their money. Today, more than 18 million customers around the world use their products to make more than 150 million transactions a month.
Through the partnership with Tink, Revolut will leverage open banking technology to streamline its European customers’ money transfers by simplifying the way funds are moved from account to account.
Powering seamless payments across Europe
Tink’s payment initiation services (PIS) technology will allow Revolut users across Europe to seamlessly move money into their Revolut account. PIS 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.
‘We are delighted to bring Tink’s solutions to Revolut. Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way,’ says Ivan Chalov, Head of Retail at Revolut.
In a time where the financial industry is seeing increasing demand for fast and frictionless digital experiences, Revolut and Tink are partnering up to provide services that better meet the needs of customers. Forging these kinds of strategic partnerships is an important step towards mass-market adoption of open banking powered payments across Europe.