Wealthify, the UK digital investment platform, has partnered with Tink, the open banking platform, to enable its payment initiation services for its investors. The way in which Wealthify’s customers transfer money into their investment accounts will be completely transformed.
The partnership, which is already live, sees Tink’s payment initiation service (PIS) technology embedded in the Wealthify app. This enables investors to seamlessly transfer an initial investment sum during the onboarding process and make additional payments to top-up their accounts.
Previously, this was a manual process where people had to initiate the payment separately, by going to their own bank’s app or web service. Now, investors can consent to connect to their bank account in the Wealthify app or web page and complete their payment in a few steps.
In June 2020 Wealthify became a wholly-owned subsidiary of insurance and investment giant Aviva and is set to double its 50,000 investors in the coming year. Starting out as a Stocks, Shares and General Investment accounts platform, it has since expanded into Ethical Investments, Junior Stocks and Shares ISAs and Self-invested Personal Pensions (SIPPs).
Simon Holland, Chief Product Officer at Wealthify commented: “Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments. The customer response has already been brilliant, and our partnership enables us to make more of our customers’ money work harder, by maintaining our market-leading low fees.”
Rafa Plantier, UK and Ireland Country Manager at Tink, added: “This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates. We look forward to developing our partnership with Wealthify to this end, to help give their 50,000 investors a better payment experience.”
This new partnership follows Tink’s €85million investment round at the end of 2020, to fuel the open banking platform’s expansion of payments services across Europe. During 2021 Tink will increase staff by 50%, adding 200 new recruits to its almost 400 employees today. Many of these new employees will focus on doubling the fintech’s market presence for payments services, by expanding operations to 10 European countries.