Swedish open banking platform Tink today announces a new partnership with Portugal’s leading bank, Caixa Geral de Depósitos (CGD).
CGD has integrated Tink’s products, with Aggregation, Payment Initiation, Data Enrichment and Personal Finance Management (PFM), in its newly-launched app — DABOX. DABOX is being launched to CGD’s 4 million strong customer base, and Tink’s platform will underpin the app to enable the bank’s customers to make smarter financial decisions.
In the run-up to this announcement, Tink has been working with SIBS, the leader in payments processing and financial technological services in Portugal, helping the country’s APIs to meet the standard required under PSD2 regulations. The implementation period took 6 months in total, including integrating the PSD2 APIs, applying machine learning to all categories and launching PFM in DABOX.
Daniel Kjellén, co-founder and CEO, Tink, said: “The open banking movement is fundamentally changing the financial services industry — transforming how millions of customers engage with banking services. We're honored to be working with a partner as forward-thinking as CGD, to combine our expertise and revolutionise their customers’ experience. Together, we will give CGD’s customers a complete overview of their financial lives, helping them manage their money more effectively and make smarter financial choices.”
Maria João Carioca, executive board member of CGD, said: “CGD is undergoing a major digital transformation process that will reinforce the current leadership of the Portuguese market. We are moving into the Open Banking world with a firm belief that it will allow us new ways of answering people’s financial needs. We remain true to our values and believe that innovative and challenging partners, such as Tink, will allow us to combine innovation and a “fresh look” on the financial business with the universal service and trustworthiness that have been CGD’s trademark since 1876.”
DABOX is launching on the 24th of September to all CGD’s customers. Customers will be able to see their current accounts from all Portuguese banks and make payments and transfers between these accounts.