Tink Introduces Risk Signals For Seamless Instant Payment Experiences

Tink, a leading player in open banking, has unveiled ‘Risk Signals,’ a system that enables instant payments in Europe while keeping risks low.

Bank transfers in some European markets may take up to three days to conclude, and the money may not even come. Consumers are not patient enough and don’t like waiting for order confirmations, account funding, or access to a service.

This puts businesses in a difficult situation, compelling them to select between offering an instant customer experience while absorbing the associated risks.

With the introduction of Tink’s Risk Signals, businesses will no longer be forced to choose between reducing risk and a quick layout. The platform says this new feature will let transactions be appraised quickly as the person pays, making it easy for the user.

Tink Wants To Improve The Open Banking Payment Space

Risk Signals use information like transaction data, balance, and account shared with approval from the payer. It uses this data to ensure that payments are secure and to minimize the chance of fraud. These safety checks occur quietly in the background when a customer purchases.

Because of Tink’s connections with the pan-European banks, Risk Signals makes payments secure, fast, and with a high possibility of going through, especially in markets where payments don’t occur immediately.

Adyen’s Payment Partnerships Lead for Europe, Dirk Jan Meijers, mentioned that Tink’s Risk Signals is improving the open banking payment scene, especially in key markets like Germany.

Through real-time risk analysis in payment procedures, Adyen can provide a payment solution that guarantees security and dependability, meeting the expectations of both shoppers and merchants.

Tom Pope, Senior Vice President of Payments and Platforms at Tink, mentioned that Risk Signals is perfect for businesses that offer a secure and speedy payment method, especially in markets without real-time settlement, such as Germany.

He added that with Tink’s Risk Signals, there’s no need to compromise between a quick checkout and reducing risks.

Pope noted that the feature, already being used by Payment Service Providers like Adyen, utilizes account, balance, and transaction data shared with the payer’s valid consent to prevent fraud. This not only enhances security but also contributes to an excellent experience for both merchants and consumers.

Tink’s Role in Streamlining Open Banking Experiences

Tink, a leader in open banking, helps merchants, fintechs, and banks create data-driven financial services. The firm assists in tasks like facilitating account-to-account payments, bringing in new customers, improving credit decisions, and developing money management tools.

Tink has over 6,000 connections to banks as a wholly-owned subsidiary of Visa, encompassing hundreds of millions of people in 18 markets. Since its establishment in 2012, Tink has been a driving force in open banking, serving some of the world’s largest financial institutions. Their goal is to simplify processes, replacing complicated steps with seamless consumer experiences.