Serrala partners with Tink to offer improved bill payments across Europe
We’re entering into a channel partnership with Serrala, the global financial automation and payments company, to bring payment initiation technology to bill payments, simplifying the billing process and reducing transaction fees for billers while improving the payment experience for millions of consumers across Europe.
Tink and Serrala have entered into a channel partnership to bring open banking payments to billers throughout Europe.
Serrala is using Tink’s technology to enable B2C billers to accept fast, low-cost account-to-account payments on any digital channel.
By integrating with Tink, Serrala will enable its customers to offer a smoother journey for their end users, improving how bills are paid across more than 20 countries in Europe for millions of consumers.
Serrala offers a seamless portfolio of solutions to manage all inbound and outbound payments, treasury processes, and related data and documents in any IT landscape. Today, Serrala’s payment request solution is live in over 20 countries, reaches millions of European consumers, and facilitates billions of euros in payments every year.
By integrating with Tink, Serrala will enable its customers to offer open banking powered payments on any digital channel, giving consumers a simpler, faster option when paying their bills.
Most billers today rely on a combination of direct debit, bank transfers, and card payments in offering their services, but each option comes with less-than-ideal compromises. Setting up a direct debit or making a bank transfer can be time-consuming for the consumer and are both prone to errors and delays. Traditional online payment methods, meanwhile, often come with higher transaction fees, increased operational complexity, and the risk of chargebacks.
Serrala will use Tink’s Payment Initiation to augment its own omnichannel payment request solution, bringing the benefits of open banking to bill payments. Billers will be able to accept lower cost payments, reduce their risk, and simplify their internal processes. Consumers will receive an easier, faster, and more integrated payment experience with more options for how they pay, such as paying immediately or scheduling a payment for a future date.
Payment services using open banking technology are rapidly gaining ground across Europe, with invoice and bill payments being one of the most widespread use cases. Our partnership with Serrala is further evidence of how payment initiation services can offer a compelling alternative to traditional payment methods as of today and has the potential to help accelerate open banking adoption across Europe.
‘Billers have been waiting for this,’ said Marko Kling, VP of Solution Architecture at Serrala. ‘By partnering with Tink, we can help reduce billers' payment-related costs while improving the customer experience – and thus improve their business.’
Caroline Lanslots, Senior Business Development Manager at Tink added: ‘Our channel partnership with Serrala perfectly combines our PIS capabilities with Serrala’s tooling and payments expertise, helping to optimise end-to-end payment flows for billers. We look forward to building on this channel partnership to enable Serrala to take open banking powered payments to its customers across Europe.’
Tink’s partnership with Serrala is another important milestone on our mission to spur financial innovation as Europe’s leading open banking platform, and we’re looking forward to helping Serrala scale their improved payment services across Europe.
Interested in learning what open banking technology could do for your business? Get in touch.
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