Adyen recently launched a transfer payment solution that is currently available in the UK, but plans to expand to other European markets by 2023. This evolution of the offering was made possible through integration with Tink, an open banking payments platform that allows financial institutions, fintechs and startups to build financial products and services.

This solution offers a range of benefits for both businesses and consumers. By facilitating connections between banks and businesses, this technology allows consumers to pay directly from the bank of their choice. In addition to providing greater choice and convenience at checkout, bank transfers from account to account give shoppers greater transparency of their account balances.

As Edgar Verschuur, Director of Global Procurement at Adyen explains, with this solution, “buyers can pay directly through their trusted bank. We innovate quickly to meet consumer needs by offering a variety of convenient, fast and secure payment options. Partnering with Tink for open banking is the latest way we are developing our technology to meet this goal.”

This open banking functionality is designed to be dynamic. It has been developed as a white label solution so that only the company name appears on consumer bank statements. When a buyer chooses to pay by wire transfer, they will be automatically presented with their bank authentication method. Adyen’s open banking options are available on all major operating systems including API, web, iOS and Android devices.