Global fintech TransferGo has added Pay by Bank to its payments offering by partnering with payment services and data enrichment platform Tink.
Pay by Bank, which allows consumers to initiate payments directly from their bank account powered by Open Banking, is now live for TransferGo’s customers in the UK.
TransferGo enables its seven million customers to make international money transfers and operates in 160 countries.
“Providing a simple, affordable and secure way to send money internationally, Pay by Bank by TransferGo helps bridge the gap for individuals who may have previously been excluded from accessing or participating in financial services,” said Simon Moran, chief commercial officer at TransferGo.
“With the Tink partnership, we can offer a trustworthy, secure, and speedy solution, making international payments easier and creating more favourable conditions for global financial inclusivity.”
Ian Morrin, Tink’s head of payments and platforms called Pay by Bank one of the most frictionless ways to pay online.
“There is an enormous opportunity for Pay by Bank to make a tangible difference to those sending money internationally as it offers a simple way for customers to transfer money more securely, quickly and at low-cost,” he said.
Morrin added: “Partnering with TransferGo, we can support them in their mission to remove barriers for their customers by offering a payment method that improves and simplifies the transfer of money; this is another step towards changing financial services for the better.”
Tink’s Pay by Bank capabilities have been introduced most recently to expense-sharing app Splitwise, and before that, to Berlin-based payment processor Micropayment.
