Market-leading payments services and data enrichment platform Tink has announced its Pay by Bank partnership for checkout options with Payop, the international payments processor and aggregator.
Payop works with a variety of merchants from small e-commerce stores to large enterprises, offering unique checkout options with numerous payments solutions.
Tink: Enhancing payments with Payop
Indeed, Payop has already gone live with Tink’s Pay by Bank solution for merchant checkouts, and says it is already experiencing noteworthy growth.
Payop says the amount of payments it has executed increased by more than 2.5 times between January and December 2023.
Now, the partners are working together to promote and grow the adoption of this payment method across Europe. It is already available for use by merchants in France, Germany, the Netherlands, Spain and the UK.
How has Tink’s Pay by Bank solution helped Payop secure noteworthy growth? Pay by Bank is an online payment method that lets consumers purchase goods and services by initiation services directly from their bank account to a seller’s account.
By using account-to-account payments methods, merchants can offer a secure and streamlined payments experience at a low cost – allowing them to differentiate themselves from the competition.
Payop: Maximising the potential of open banking
Payop CEO Anastasiia Semenkova says: “When we decided to test open banking technology for e-commerce payments, our choice fell on Tink. We considered many providers but were impressed by Tink’s product offering and consumer-centric approach.
“Going into this, we were already positive about the future partnership, but in practice, it turned out to be much more than we expected. Tink showed us the potential of an open banking technology, providing secure payments that can be done in three clicks.
“The European market is very competitive. There are many payment options available in each country. But once consumers try Pay by Bank, we find that they don’t go back to other methods.
“The increase in adoption of Pay by Bank that we are seeing at Payop would be impossible without a stable and reliable partner. For us, it’s Tink. Tink maintains a high-quality API and keeps adding new banks and countries to its coverage.”
Earlier this month, we spoke to Tink’s UK&I Banking and Lending Director, Jack Spiers, about how PSD3 is expected to further evolve open banking services, such as the instant account-to-account service it provides for Payop.
On Tink’s collaboration with Payop, the fintech’s Head of Payments and Platforms, Ian Morrin, adds: “We’ve already seen impressive volume growth in our collaboration with Payop, and we are proud to support them in their Pay by Bank solution.
“Pay by Bank complements the current payments ecosystem. It’s not just about creating another choice of payment at checkout, but offering consumers a payment method that has everything they may want and has come to expect – familiarity, speed, reliability and convenience.”
