TransferGo Partners with Tink to Introduce «Pay by Bank»
In a significant development in the fintech sector, TransferGo, a global leader in online money transfers, has partnered with Sweden-based Tink to enhance its payment services, as outlined in The Fintech Times. This collaboration introduces the «Pay by Bank» option for its UK customers, allowing them to send money internationally in a more efficient and secure manner.
«Pay by Bank» is an innovative payment method that leverages open banking technology, enabling users to initiate payments directly from their bank accounts. This method simplifies the payment process by reducing the need for data entry and minimizing redirects, offering a seamless, low-cost transaction experience. Customers can authenticate and initiate transfers with just a few clicks, streamlining the entire process.
Ian Morrin, head of payments and platforms at Tink, highlighted the advantages of this new offering: “Pay by Bank is one of the most frictionless ways to pay online. There is an enormous opportunity for Pay by Bank to make a tangible difference to those sending money internationally as it offers a simple way for customers to transfer money more securely, quickly, and at low cost.»
Tink’s commitment to improving financial services is evident as Morrin adds, «At Tink, we have always aspired to make financial services more accessible by providing consumers with the most innovative payment solutions. Partnering with TransferGo, we can support them in their mission to remove barriers for their customers by offering a payment method that improves and simplifies the transfer of money; this is another step towards changing financial services for the better.”
Simon Moran, chief commercial officer at TransferGo, also expressed his views on the partnership: “With the Tink partnership, we can offer a trustworthy, secure, and speedy solution, making international payments easier and creating more favourable conditions for global financial inclusivity.”
TransferGo continues to enhance its service offerings, serving over seven million customers and striving to make international money transfers simpler, faster, and more cost-effective.