Tink, a Sweden-based open banking service provider, as well as a part of Visa, the global digital payments leader, announced an essential upgrade to the payment stack as it launches settlement accounts. This new functionality sums up PIS settlements. The launch of settlement accounts will help merchants get instant refunds and payouts, payment confirmation in a quick time, and also, they would get integrated reporting, and more.
Tom Pope, Head of Payments and Platforms, Tink, stated, “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. This has the potential to be a game-changer for merchants by unlocking the full value of open banking payments for key use cases like eCommerce and crypto. We are proud to partner with Solidi as our first settlement account customer in the UK.”
The launch enables merchants to have dual benefits, one would be a full-stack payments that would allow reconciliation, fully automated refunds, and payouts, and another is Payment Initiation Service (PIS) technology that is already delivering frictionless, secure, and profitable instant bank payments.
Useful features for merchants-
- Reduced settlement time (taking up to four days in some cases).
- Fraud activities, high fees, and operational costs will be in check.
- Merchants don’t need to create and operate their settlement systems.
Solidi, the instant purchase crypto exchange, is the first consumer of Tink’s settlement accounts. Solidi allows its users to invest in crypto in less than two minutes. By collaborating with Tink, Solidi can leverage the core benefits of open banking payments, reduced operational costs, and more.
In context to the same, Jamie McNaught, CEO and Co-Founder, Solidi, included, “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. Unlike other open banking platforms, Tink enables us to perform payment initiation and settlement using a single API rather than multiple APIs from different providers.”