Open Banking platform Tink has introduced a new solution, ‘Merchant Information’, to provide consumers with a more detailed overview of their transactions.
‘Merchant Information’, which sits within Tink’s ‘Consumer Engagement’ offering, will display banking app transactions with a clear brand name, logo, location, and merchant contact details – with a view to reducing the need for consumers to contact their bank to enquire about transactions they do not recognise.
The feature will be available in seven European markets in 2024, with a full European rollout to follow by Spring 2025.
Research by Tink, conducted among 2,010 UK consumers, found that 45% of adults in the UK want their bank to show them more details about their individual payments, such as logo, location and retailer name.
Tink’s analysis indicated that large issuers could save as much as €22 million annually by providing greater clarity to their customers, as a result of reduced call centre enquiries and transaction chargebacks.
‘Merchant Information’ complements Tink’s existing data enrichment capabilities, including categorisation, recurring transaction prediction, and CO2 emissions.
As part of Visa, the new solution will be able to use Visa’s global data network of more than 130 million merchants, as well as other third-party data sources, for scaled coverage in 200-plus markets.
Jack Spiers, banking and lending director at Tink, said: “By providing a clear and understandable way of presenting bank account transactions, Tink’s new Merchant Information solution is a win-win for all parties.
“Consumers can easily recognise their transactions, reducing the need to contact their bank for additional information or to request a refund. While for banks, this opens up large potential cost savings, through fewer enquiries.”
Spiers added: “Banks and merchants are increasingly interconnected in their digital transformation journeys. Tapping into Visa’s extensive merchant data network, we can enhance the customer experience to give consumers the 360-degree understanding of their spend they deserve.”
Tink is a gold partner of Open Banking Expo UK & Europe on 15-16 October and Ian Morrin, head of payments and platforms at Tink, is speaking at the Expo. Click here to find out more about the speaker line-up, agenda and exhibitors.
Further reading: Event ticketing provider embeds Tink’s Pay by Bank at checkout
