The tie-up allows the integration of Tribe’s issuer and acquirer services with Tink’s payment initiation services (PIS) and account information services (AIS). Credit: Gerd Altmann from Pixabay

PayPal-backed Tink has joined forces with paytech Tribe have joined forces on open banking technology.

The tie-up allows the integration of Tribe’s issuer and acquirer services with Tink’s payment initiation services (PIS) and account information services (AIS).

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Tribe’s issuer and acquirer processing platform ISAAC is designed to help banks, fintechs and acquirers select the payments modules ideal to their needs.

The partnership will enable Tink’s UK clients to gain seamless access to traditional payment methods in addition to open banking payments, followed by AIS services.

Tink UK & Ireland head Rafa Plantier said: “Our aim is to be the backbone of payments services providers across Europe, to enable inclusive, streamlined, fast-settlement, low-cost payments solutions.”

In December 2020, open banking fintech Tink raised $103m at over $800m valuation in a round co-led by Eurazeo Growth as well as Dawn Capital.

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PayPal Ventures, ​HMI Capital, Heartcore, ABN AMRO Ventures, and Poste Italiane and BNP Paribas’ venture arm Opera Tech Ventures also joined.

This year, Tink plans to boost employee strength by 50%.

The new hires will work to double the fintech’s market reach for PIS services, expanding presence to ten European countries.

Tribe chief commercial officer Alex Reddish said: “We strongly believe that Open Banking will play a huge part in enabling the frictionless and, eventually, invisible payment experiences of the future. We’re committed to delivering the very best solutions, through inhouse development and key partnerships, to help our clients deliver innovative payments propositions.

“Tribe was the first issuer processor to have launched initial compliance APIs for fintechs to harness the power of Open Banking without developing their own APIs and we’re keen to continue investing in further Open Banking functionality.”