European open banking platform Tink has formed a partnership with subscription technology platform Youtility to offer new tools to the retail banks in the UK.

The new embedded subscription and money management tools are aimed at helping customers set budgets, categorise transactional data and save more on their utility expenses such as energy, broadband, TV, landline and mobile.

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This will be enabled by combining Youtility’s subscription technology with Tink’s Money Manager product.

The tie-up will also help customers reduce their carbon footprint by making more sustainable choices on household expenses such as energy.

Tink added that household energy is one of the key contributors to a person’s carbon footprint and claimed that Youtility can help customers reduce their carbon footprint by as much as 25% annually.

Tink UK & IE banking lead Tasha Chouhan says: “Both the climate crisis and rising cost-of-living will be defining issues for consumers in 2022 and beyond.

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This is why we are building an ecosystem of partnerships, including Youtility and partners like Cogo, to help banks provide the clarity that’s needed for people to make meaningful decisions on how they manage their finances, and reduce their climate footprint.”

Youtility co-founder Will Kostoris says: “Our platform has been built to enable consumers to take seamless, in-app action to help them save money and we are thrilled to be working with Tink, the European leader in Open Banking.

“With inflation at its highest in 30 years and average energy bills due to rise by 54% in April, we believe this product should be on all bank roadmaps.”

In early 2021, American firm Visa agreed to buy Tink for $2.15bn to strengthen its open banking capabilities.