Under the collaboration, American Express will integrate open banking technology into its application and risk analysis process to allow prospective card members to connect to their bank accounts seamlessly and instantly verify their identity, income and account information with American Express. This will eliminate the need for customers to manually enter their details or send additional documentation to Amex, saving time and improving the customer experience.
Tink, a Sweden-based fintech that provides APIs to create next-generation banking services, announced earlier this week it has formed a new partnership with payments technology provider Tribe. According to Tink, the partnership will enable Tribe to combine its issuer and acquirer services, with payment initiation services (PIS), and account information services (AIS), all powered by Tink.
“Through Tribe’s technology platform, its UK customers now have seamless access to traditional payment methods alongside open banking payments – with AIS services to follow. Through its issuer and acquirer processing platform, ISAAC, Tribe uses the latest technology to enable banks, fintechs and acquirers to choose the payments modules that suit them.”