Leading payments provider and data enrichment platform Tink has partnered with international payments processor and aggregator Payop to offer Pay by Bank checkout alternatives.

Payop provides distinctive checkout choices and a range of payment solutions to a diverse range of businesses, ranging from tiny e-commerce sites to huge corporations.

Tink: Using Payop to improve payments

In fact, Payop claims to be seeing significant growth immediately after going live with Tink's Pay by Bank service for merchant checkouts.

According to Payop, between January and December 2023, the quantity of payments it performed climbed by more than 2.5 times.

The partners are now cooperating to encourage and expand the use of this payment mechanism throughout the European Union. Merchants in France, Germany, the Netherlands, Spain, and the UK may already utilize it.

How has Payop achieved notable growth with the aid of Tink's Pay by Bank solution? With the help of the online payment option Pay by Bank, customers may make purchases of products and services by transferring funds straight from their bank account to the seller's account.

Merchants may set themselves apart from the competition by providing a low-cost, safe, and expedited payment experience through the use of account-to-account payment mechanisms.

Payop: Making the most of open banking's potential
"When we decided to test open banking technology for e-commerce payments, our choice fell on Tink," explains Anastasiia Semenkova, CEO of Payop. Though we gave a lot of providers some thought, Tink's product line and customer-first philosophy won us over.

Although we had high hopes for this potential collaboration going in, it ended up being far more than we had anticipated. With just three clicks, Tink offers safe payments, demonstrating the promise of open banking technologies.

The market in Europe is quite competitive. Every nation offers a wide range of payment choices. However, we see that once customers use Pay by Bank, they never return to using other ways.

Without a steady and trustworthy partner, Payop would not be able to witness the rise in Bank Pay adoption that it is currently witnessing. It's Tink for us. Tink continues to expand its coverage of nations and banks while maintaining a high-quality API.

We had a conversation with Jack Spiers, the UK&I Banking and Lending Director at Tink, earlier this month on how PSD3 is anticipated to further open banking offerings, including the rapid account-to-account service that Tink offers Payop.

Head of Payments and Platforms at Tink, Ian Morrin, comments on the fintech company's partnership with Payop, saying, "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 enhances the existing payments infrastructure. It goes beyond just adding an additional payment option to the checkout process to provide customers with a payment option that satisfies all of their needs and expectations, including familiarity, speed, dependability, and convenience.