Open banking platform Tink is teaming up with global fintech Adyen and global prepaid payments platform Recharge, to provide customers in Germany the option to Pay by Bank when checking out.
Recharge first plans to offer Pay by Bank, the open banking-powered payment method enabling consumers to quickly transfer money directly from one bank account to another, on Guthaben.de – one of its flagship websites for the German market.
Günther Vogelpoel, CEO at Recharge, said: “We pride ourselves on ensuring consumers are in the driving seat when it comes to how they choose to pay for brands and services. Bringing Pay by Bank to our platform with Tink and Adyen, starting with our German customers on Guthaben.de, supports those who value security, speed, and convenience in their payment experience.”
Recharge offering Pay by Bank payment method is facilitated by the partnership between Tink, an open banking payment solution provider and Visa solution, and Adyen, a fintech platform for companies that provides end-to-end payment capabilities, data-driven insights, and financial products in a single global solution.
Thomas Gmelch, payments director, DACH at Tink, also commented: “The appetite for Pay by Bank among merchants, especially those working with PSPs like Adyen, is really growing. At Tink we’ve seen recently that over 10,000 merchants have now chosen Pay by Bank via our PSP partnerships.”
While Pay by Bank has seen the fastest growth in the UK, several European markets are also beginning to adopt it. Adoption of the payment method has grown globally as people recognise it offers customers a way to transfer money securely, quickly and at a lower cost.
Hella Fuhrmann, country manager, DACH at Adyen, also added: “Our long-standing collaboration with Tink empowers us to introduce this innovative technology, allowing customers to make payments directly from their bank account. We offer our customers a subscription to innovation to help them achieve their goals faster.”