Chip, a platform for long-term wealth building and savings, has partnered with Tink, a Visa-owned Open Banking platform, to offer payment initiation services (PIS) within its application.
This collaboration allows users of Chip’s wealth management platform to fund their accounts through Open Banking-powered transfers. Through the partnership, Chip customers can move money via account-to-account payments without relying on traditional card rails. The integration aims to provide a more direct and secure mechanism for depositing funds into the app.
Focusing on Streamlining Customer Payment Experience
Chip representatives emphasized that the integration with Tink’s infrastructure is intended to improve the process of adding money to accounts, highlighting the speed and security benefits of Open Banking payments.
Tink officials noted the growing trend of financial apps adopting Pay by Bank solutions. They argue that this technology offers providers like Chip a way to diversify their payment offerings. According to them, it provides another option for consumers who are looking for simpler and more efficient ways to make transfers.
About Tink
Founded in 2012 as a subsidiary of Visa, Tink now connects over 13,000 financial institutions across 20 markets. The company offers solutions in payments, banking, and lending.
Chip’s Background
Established in 2017, Chip manages assets worth more than GBP 5 billion and has over 400,000 active users. Chip positions itself as a platform for long-term wealth building, offering services related to saving and investing.
Tink’s Recent Partnerships
In April of an unspecified year (though likely after 2017), Tink partnered with Paysend to enhance Open Banking payments. This move aimed to improve the payment experience for Paysend users in a landscape where transparency, instant access, and security are increasingly valued.
Industry experts predict that more markets will adopt Open Banking payments in the future, making cross-border transactions easier. Financial institutions are expected to work closely with fintech companies to provide better services and an intuitive payment experience.
