Open banking platform Tink has rolled out settlement accounts, providing merchant customers with a full-stack payments offering that performs automated refunds, payouts, and reconciliation, alongside the Swedish firm's Payment Initiation Services.
The upgrade to Tink's payment stack is initially being introduced in the UK with a wider European launch to follow in the coming months.
Tink has secured crypto exchange Solidi as its first customer, enabling the firm to perform payment initiation and settlement using a single API, significantly reducing operational overheads over the payment lifecycle.
Tom Pope, head of payments and platforms at Tink comments: “We’re removing friction for merchants with the ability to receive a real-time payment confirmation and automate manual processes like issuing refunds and payouts or reconciling payments. This has the potential to be a game changer for merchants by unlocking the full value of open banking payments for key use cases like ecommerce and crypto.”