SlimPay and Tink Partnership Power EU Merchants

Payment service provider SlimPay and FinTech Tink are teaming up to enable frictionless account-to-account payments across Europe, powered by open banking.

“Our partnership with Tink means that SlimPay can leverage open banking in multiple markets using a single partner,” SlimPay CEO Jérôme Traisnel said in a Tink blog post on Tuesday, September 6. “And by launching SlimCollect, we are offering merchants a secure account-to-account payment service with which to collect their recurring revenue.”

The partnership offers SlimPay merchants the ability to offer a secure and seamless way to set up direct debit that allows users to authenticate and make the initial payment through open banking.

See also: Tink gives lenders real-time insight into loan seeker spending

SlimPay strives to provide merchants in Europe with seamless subscription payment experiences and has done business with Deezer, EDF, Nespresso and Vattenfall, among others. Through its collaboration with Tink, SlimPay can provide open bank payments as an alternative way to set up direct debit, according to the announcement.

SlimCollect offers users a way to quickly link their bank accounts without giving up sensitive information, according to the blog post. As one of the first payment platforms to launch SEPA Direct Debit in France, SlimPay has long been a pioneer in recurring payments.

Read more: Open Banking will play a key role in accelerating the trend of invisible payments

The partnership combines payment initiation services (PIS) and direct debit into one solution. By teaming up with Tink as an open banking partner to further simplify subscription payments for merchants across Europe, SlimPay offers a payment solution across SEPA. Their merchants can now do business in more European markets without having to deal with complex local payment methods.

“By combining PIS and direct debits, SlimPay can streamline the process of setting up direct debits. End users will make an initial payment via PIS, which means they will be automatically redirected to their banking application to authenticate in real time at using biometric data such as a fingerprint or facial ID. Once the user connects their bank account, they can then be seamlessly switched to direct debit,” according to the announcement.

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