Swedish banking platform Tink and British bank NatWest have entered into a partnership that will provide the British bank access to Tink’s Personal Finance Management (PFM) and Data Enrichment products.
Image: NatWest Bank at Leighton Buzzard in Bedfordshire. Photo: Courtesy of Giano/Wikipedia.
As part of the partnership, Tink’s products will be integrated into NatWest’s core mobile banking app, allowing the bank to enhance its mobile banking services by providing customers personalized advice based on spending.
Tink’s products are expected to go online on NatWest in the fourth quarter of this year.
Through the partnership, NatWest has become Tink’s first partner in the UK and will join other European banks including BNP Paribas Fortis, ABN AMRO, Nordea and Klarna. In February, Tink secured €56m in a funding round from a group of new and existing investors.
Tink co-founder and CEO Daniel Kjellén said: “The partnership with NatWest is a great testament to the quality of our technology – and to their dedication to improve its digital offering and customer experience.
“We believe that there are massive opportunities for those who choose to leverage new technology in order to build greater engagement with their customers. This partnership is proof of just that.”
Earlier this month, NatWest launched the NatWest Tyl, a new approach to merchant acquiring to make it simple for customers operating their businesses.
Tyl will provide a straightforward customer on-boarding, simple pricing and next working day settlement. Furthermore, it will also offer smart data-led insights to help customers make informed business decisions.
Customers will have access to a sophisticated card acquiring capability (in-store and online), along with tools that support them in managing and growing their business.
The Tyl team claims to have worked with small and medium enterprise customers in designing the new product. It is presently live with a small number of NatWest customers and will be available to all merchant acquiring customers later this year.
NatWest Holdings deputy CEO and Commercial & Private Banking CEO Alison Rose said: “We are really excited to launch NatWest Tyl, the latest in a number of innovative offerings that we have brought to our customers recently. With a constantly evolving banking and technology landscape, we are working hard to offer new customer-focused solutions.
“Developing our own merchant acquiring and payments proposition is an important step forward and reiterates our commitment to harnessing the revolution in new technologies so that our customers can remain focused on growing their businesses.”