Tink and Wealthify partner for open banking payments
Tink and leading UK digital investment platform Wealthify have teamed up for open banking powered payments, to transform the way Wealthify investors transfer money into their investment accounts. By embedding Tink’s payment initiation technology into the Wealthify app, investors can benefit from a seamless, faster and more cost-effective payment experience.
Wealthify is teaming up with Tink for open banking powered payments.
By embedding Tink’s payment initiation service into the Wealthify app, investors can seamlessly transfer an initial sum and top-up their investment accounts.
This eliminates the manual process of initiating a payment separately.
Providing investors with a low-cost, faster payments experience.
Since its creation in 2016, Wealthify has been providing its customers with a simple and affordable approach to investing. Through its app or online service, investors can choose how much they want to invest along with their preferred investment style, including ethical investment options, and Wealthify builds and manages an investment plan on their behalf.
In 2020, Wealthify became an independently run part of the insurance and investment behemoth Aviva, and today, is one of the leading digital investment platforms in the UK. Now, Wealthify is teaming up with Tink to transform the way its investors make payments into their investment accounts – using open banking technology.
Seamless and low-cost payments
The partnership, which is already live, sees Tink’s payment initiation service (PIS) technology embedded in the Wealthify app. This lets investors seamlessly transfer an initial sum during onboarding, and make additional payments to top-up their accounts.
Previously, this was a manual process where people had to initiate the payment separately, by going to their own bank’s app or web service. Instead, investors can now consent to connect to their bank account in the Wealthify app or web page, and complete their payment in just a few simple steps.
‘Open banking offers a fantastic opportunity to deliver seamless payment experiences for our customers, that are quicker and more competitive than traditional card payments,’ said Simon Holland, Chief Product Officer at Wealthify. ‘The customer response has already been brilliant, and this partnership helps us make our customers' money work harder, by maintaining market-leading low fees.’
At Tink we believe payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates. We look forward to developing our partnership with Wealthify to this end, to help give their investors a better payment experience.
Curious about what you could build with Tink technology? Check out our use cases.
More in Tink news
2024-12-11
6 min read
Three in four high-end merchants optimistic about peak season
New research from Tink shows that, this festive season, quality is trumping quantity as many cost and climate-conscious consumers choose to invest in higher-quality goods, even if that means purchasing fewer items overall.
Read more
2024-10-14
4 min read
How Northmill’s loan book performance is reaching new heights with Tink
As consumers choose lenders and financial services for hyper-personalised, intuitive and convenient UX, Northmill partners with Tink for an optimal customer experience – and boosts its loan book performance to boot.
Read more
2024-10-01
4 min read
Meet Merchant Information: providing bank customers with elevated transaction visibility
Tink has today launched Merchant Information, a solution of our Consumer Engagement offering which provides consumers with more detailed information about their transactions.
Read more
Get started with Tink
Contact our team to learn more about what we can help you build – or create an account to get started right away.
