Tink launches settlement accounts for merchants

Open Banking platform Tink has launched settlement accounts for merchants which aim at to simplify real-time bank payments.

The rollout of the feature, which aggregates PIS (Payments Initiation Settlement), will see Tink extend into a full stack Open Banking payments offering.

Starting in the UK with a wider European roll-out to follow in the coming months, Tink said the launch will offer merchants real-time payment confirmation, instant refunds and payouts, and integrated reporting.

The company has partnered with crypto platform Solidi as its first settlement account customer.

Tink said the accounts help merchants with slow settlement times, which can take up to four days in some cases as well as concerns including fraud rates, high fees and operational costs associated with payment methods.

Tom Pope, head of payments and platforms at Tink said: “The arrival of settlement accounts in the UK means that our partners can now enjoy the full time- and cost-saving benefits of real-time bank payments more easily.

"We already enabled instant, seamless pay-ins that reduce friction for the end-user, and now we’re removing friction for merchants with the ability to receive a real-time payment confirmation and automate manual processes like issuing refunds and payouts or reconciling payments.”

Jamie McNaught, chief executive and co-founder at Solidi added: “Providing Solidi customers with a completely seamless experience when investing in crypto is key. Tink's Open Banking payments technology is the obvious choice for our customers – it takes our already instant onboarding experience and adds easy, frictionless payments – enabling anyone to invest in their first crypto in less than two minutes. For Solidi, Tink’s new settlement features reduce integration and operational costs, as well as the time to market.”

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