Lemonway and Tink partner to offer smarter digital payments for marketplaces
We’re partnering with French payment service provider Lemonway in its launch of Pay By Bank, a new service that allows its merchants to offer users an easy, secure, and convenient digital payment method. Given Lemonway’s scale and impressive growth, this partnership is another important step in accelerating open banking adoption across Europe – read on to learn why.
Tink and Lemonway have entered into a partnership to scale open banking payments throughout Europe.
Lemonway is using Tink’s technology to power its new Pay By Bank service, offering its customers a more seamless payment experience compared to many traditional methods.
By integrating with Tink, Lemonway can offer open banking powered payments to its entire customer base of marketplaces, with 8 million registered payment accounts (e-wallets).
Trusted by over 1,400 marketplaces, Lemonway is one of the fastest-growing fintech startups in Europe and leads the way in simplifying marketplace payments. From B2C and B2B marketplaces to crowdfunding and invoice trading platforms, Lemonway helps an increasingly wide range of customers to manage and optimise their payment operations. Lemonway has now formed a partnership with Tink to offer a new payment service powered by open banking that enables even more seamless payments for marketplaces throughout Europe.
Built with Tink’s Payment Initiation, Lemonway’s new Pay By Bank feature provides a smoother experience for the end user compared to many traditional payment methods. This method allows payments to be made directly from the end-user’s bank account without needing to manually enter their details, reducing the steps and improving security. What’s more, the payment journey begins and ends in the same online environment, with minimal redirects and the potential to further optimise conversion.
This new service can radically improve payments in the wider financial services market, too. By using Pay By Bank, online investment platforms can connect directly to their investors' bank accounts, enabling faster onboarding and avoiding delays when adding beneficiaries to an investment account.
Payment services enabled by open banking are becoming increasingly common across Europe and Lemonway has witnessed rapid growth in the last year. Its services are being used to process payments worth 90% more than they were a year earlier. Through this partnership with Tink, Lemonway will be able to offer payments powered by open banking to its growing customer base With over 8 million payment accounts (e-wallets) registered on Lemonway’s platform and counting, this has the potential to help accelerate open banking adoption across Europe.
‘Our ambition has always been to empower marketplaces by enabling them to give their users a safe and frictionless payments experience,’ said Simon Berger-Perrin, Chief Product Officer at Lemonway. ‘By connecting to Tink’s PIS solution, Lemonway can access a complete portfolio of banks across Europe through just one API integration, enabling us to scale Pay By Bank throughout Europe with ease.’
Tink’s partnership with Lemonway is another important milestone to accelerate financial innovation in Europe, and we’re excited to help Lemonway scale their new payment service across the continent.
Interested in learning what open banking technology could do for your business? Get in touch.
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