Enel X, the business line of Europe’s largest utility company, the Enel Group, has picked the open banking platform Tink as its open banking technology provider. Tink’s personal finance management technology will allow Enel X Financial Services, Enel’s subsidiary specialised in payment solutions, to develop digital financial solutions targeting its clients in Italy and Europe.

The partnership is a strategic choice that makes Enel X Financial Services well positioned to meet the increased customer expectations on smart digital financial services. It will enable the company to leverage on the access to Tink’s solutions for digital banking and personal finance management, available through Tink's open banking platform. The Tink-powered digital financial solutions built by Enel X Financial Services are to be launched in the coming weeks.

Giulio Carone, CEO at Enel X Financial Services, said: “This agreement is an important step in our ongoing commitment to become a leading player in the digital banking market, powered by the new possibilities created by open banking, integrated within the Enel ecosystem that embeds services like energy and e-mobility. Through the partnership with Tink we will be able to support our clients in the daily management of their finances, with an innovative and engaging solution that uses machine learning to provide tailored and personalised advice.”

Launched in 2017, Enel X is Enel Group’s global business line dedicated to the development of innovative products and digital solutions in sectors where energy is showing the highest potential for transformation: cities, homes, industries and electric mobility. Its subsidiary Enel X Financial Services is an electronic money institution authorized by the Bank of Italy that provides payment solutions to consumers and corporates.

Daniel Kjellén, co-founder and CEO of Tink, added: “We are extremely proud to team up with the financial services subsidiary of one of the world’s largest utility companies and become their open banking technology partner. By teaming up with Enel X Financial Services, we will together and over time make Tink’s open banking technology available to millions of Enel customers across the world. We look forward to supporting Enel X in their mission to become a leading player in the fintech domain.”