Author: Finextra

fintech open banking

American Express taps Tink for Open Banking integration

Tink and American Express have entered a European open banking partnership to improve the onboarding process for new card members. Integrating open banking technology into the American Express application and risk analysis process will allow prospective card members to seamlessly connect to their bank accounts and instantly verify their identity, income and account information with American Express. This eliminates the need for customers to manually enter their details or send additional documentation to American Express, saving time and improving the customer experience.

The partnership will see Tink’s open banking services used by American Express in France, Germany, Spain, Sweden, the Netherlands, Norway, Finland and Belgium.

Fredrik Sauter, Head of growing markets at American Express, commented: “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 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.”

Daniel Kjellén, co-founder and CEO of Tink, added: “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, income 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.”

Source: Finextra

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