Adyen, the global financial technology platform of choice for leading businesses, and leading open banking platform Tink, have entered into a partnership for open banking-powered payments. The deal sees Tink’s technology embedded into Adyen’s single platform, enabling Adyen customers to seamlessly offer next-generation open banking payments to consumers.

Adyen will utilise Tink’s payment initiation technology to enable businesses to access account-to-account payments. Adyen’s open banking integration will launch first in the UK, with plans to expand to multiple markets in 2023.

Open banking payments build upon the partnership Adyen and Tink already have for Account Check technology, which lets Adyen’s customers instantly verify account ownership to streamline payouts. By using real-time data straight from individual or business bank accounts, enables Adyen’s customers to automate payout setup, reducing operational overheads and payment errors.

Edgar Verschuur, Head of Global Acquiring at Adyen commented: “With our open banking solution, shoppers can pay directly from their own trusted banking environment without leaving the checkout journey. Our aim is to always innovate to meet consumer needs by providing a breadth of convenient, fast and secure payment options. Partnering with Tink for open banking is the latest way we have evolved our technology to deliver on this goal.” 

Tom Pope, Head of Payments and Platforms at Tink added: “We have long admired Adyen as a payments leader, and are proud to be working more closely together to help businesses access next-generation payments. With the scale of Adyen’s reach, our partnership will rapidly accelerate the global adoption of open banking-powered payments. For the UK specifically, we are excited to be working with Adyen to pioneer VRP, and truly move the market forward.”