Open banking platform Tink is teaming up with UK-based wealth app Chip, to provide Tink-powered Payment Initiation Services (PIS) to Chip customers.
Through the new partnership, Tink, a Visa solution, will provide secure open banking-powered money transfers for Chip users topping up their accounts. Chip aims to offer a one-stop shop for savings and investments and has already helped over 500,000 members in the UK grow their wealth.
“It’s brilliant to partner with Tink, whose open banking solutions provide a fast and secure option for our users adding money to their savings on the Chip app,” said Alex Latham, co-founder of Chip. “We’re looking forward to working with the Tink team to promote these payment options, with a few more exciting updates coming soon.”
In March, Tink revealed that 10,000 merchants had chosen Pay by Bank via its Payment Service Provider partnerships, shortly before hitting a new €100million peak in a single day for its payment initiation services across Europe.
The open banking platform said at the time that it expected 2025 to prove a “crucial tipping point” for open banking solutions like Pay by Bank as use cases grow and expand into more markets.
Ian Morrin, head of payments at Tink, also commented on the newest partnership with Chip: “Chip has been on a tremendous growth journey in recent years, and we’re delighted to become part of their success story by bringing more payment options to their user base.”
The news also comes a little over a month after Tink joined forces with Adyen, the fintech platform serving businesses, and leading telecoms company Vodafone, to offer customers in Germany the option to pay their prepaid tariff and outstanding postpaid balances using Pay by Bank.
