Visa Announces Completion Of Tink Acquisition

Visa (NYSE: V) today announced that it has completed the acquisition of Tink. Tink is an open banking platform that enables financial institutions, fintech companies, and merchants to build financial products and services and transfer funds.

Photo Insert: Following the acquisition, the combination of Visa and Tink is expected to enable customers to deliver tangible benefits to consumers by helping them take more control over their financial experience.

Through a single application programming interface (API) provided by Tink, customers can transfer funds, access aggregated financial information, and use smart financial services such as risk insights and account verification, according to a Business Wire report.

Tink is integrated with more than 3,400 banks and financial institutions, reaching millions of banking customers in Europe.

Following the acquisition, the combination of Visa and Tink is expected to enable customers to deliver tangible benefits to consumers by helping them take more control over their financial experience, including managing money, financial information, and financial goals.

Whether initiating payments, reconciling bank statements and accounts, or conducting alternative financing, businesses of all sizes will have access to more and more customized tools to operate digitally and securely.

Charlotte Hogg, CEO of Visa Europe, said: "As the boundaries between commerce, financial services, and payments continue to converge and digital tools are driving the development of the new economy, the combination of Visa and Tink will provide more choice and a better digital currency. Serve."

Jack Forestell, chief product officer at Visa, added: "Openness and innovation are two important elements that will drive the growth of digital financial services in the future. Visa's proven infrastructure and ongoing investments in resilience, cybersecurity, and fraud prevention, combined with Tink's API, Technology and customer relationships help provide a safe and secure innovation platform to foster global adoption of open banking."

Daniel Kjellén, co-founder and CEO of Tink, said: "The global network enables innovators to scale, and Visa provides a solid foundation for Tink's growth. Visa will help Tink strengthen its ties with more than 15,000 financial institutions, allowing Tink to Leverage Visa's consumer trust and brand recognition to develop the financial services of the future. Together, we will deliver these services to customers in Europe and around the world."

In the near future, Tink will operate as an independent Visa subsidiary. Tink co-founder and CEO Daniel Kjellén and the existing management team will continue to lead Tink.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic