Tink and Wealthify team up to boost payment initiation service

By Megha Bhattacharya

UK digital investment platform Wealthify has partnered with Tink to boost payment initiation services and transform the way investors transfer money to their investment accounts. The partnership sees Tink’s payment initiation service (PIS) technology embedded in the Wealthify app. This enables investors to seamlessly transfer an initial investment sum during the onboarding process and make additional payments to top up their accounts.

Simon Holland, Chief Product Officer at Wealthify commented, “Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments. The customer response has already been brilliant, and our partnership enables us to make more of our customers’ money work harder, by maintaining our market-leading low fees.”

Recently, Tink announced the acquisition of German open banking infrastructure FinTech FinTecSystems in a bid to accelerate its European expansion. The acquisition will strengthen FinTecSystems’ market position, with Tink further fuelling the company’s high growth and open banking capabilities in the DACH region. The acquisition of FinTecSystems is conditional upon approval from the national competent authorities.

Rafa Plantier, UK and Ireland Country Manager at Tink, added, “This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates. We look forward to developing our partnership with Wealthify to this end, to help give their 50,000 investors a better payment experience.”

In June 2020 Wealthify became a wholly owned subsidiary of insurance and investment giant Aviva and is set to double its 50,000 investors in the coming year. Starting out as a Stocks, Shares and General Investment accounts platform, it has since expanded into Ethical Investments, Junior Stocks and Shares ISAs and Self-invested Personal Pensions (SIPPs).