American Express has tapped open banking platform Tink to improve the onboarding process for new card members.
The payments giant will implement Tink’s open banking technology into its application and risk analysis process.
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The aim is to allow prospective card members to easily connect their bank accounts and instantly verify onboarding information, such as identity, income and account details. This would eliminate the need for customers to manually enter information.
Fredrik Sauter, head of growing markets at American Express, said: “Our partnership with Tink will help make it easier and faster for future customers to apply for our American Express products digitally. Open banking technology not only speeds up the digital application process, but it also helps us make better decisions.
“When looking for an open banking partner, Tink was a clear choice for us, due to its position as the leading European open banking platform.”
American Express and Tink
Initially, American Express will roll out Tink’s services across its European network. The countries included being France, Germany, Spain, Sweden, the Netherlands, Norway, Finland and Belgium.
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By GlobalDataDaniel Kjellén, Tink co-founder and CEO, said: “We are proud to announce this partnership with American Express, one of the world’s leading payment companies with more than 100 million cards in operation worldwide.
“Tink’s account verification and risk analysis technology will streamline the onboarding process for American Express customers, as we work together to create the future of financial services. This sets the standard for how larger brands are using open banking technology to convert analogue processes to digital, enhancing the customer experience.”
Amex’s move comes after Tink joined forces with paytech Tribe this week to extend its open banking capabilities.
It also follows the news that Swedish fintech raised $103m in an investment round extension in December, which saw Tink reach a valuation of $800m.
