In attendance at Money20/20, FinTech Magazine speaks to Tom Pope, Tink SVP of Payments & Platforms, about the different rising trends in open banking.
Pope says: “The big thing that Tink is seeing when it comes to open banking is the rise of data and payments side by side. These embedded experiences rely on the data side of open banking and the payment initiation side.
“Some examples include Tink’s investment platform customers who don’t just want to take payment but also want to retrieve some information about the cardholder, with the cardholder’s consent.
“They want to retrieve that data within the same flow and use that for KYC and AML purposes.
“So by doing one authentication with the bank, our customers are retrieving a bit of data, and initiating a payment, which allows the investment platform to offer settlement payment immediately to its customer. This is a really valuable capability.”
For more from Tink’s Pope, you can watch the video above or on the FinTech Magazine LinkedIn page.
