Tink joins Visa A2A – what it means for Pay by Bank and VRP
Visa A2A brings an enhanced framework to Pay by Bank and variable recurring payments (VRP) in the UK, and Tink is excited to be one of the first members of this new solution.
Tink has become one of the first members of Visa A2A, which helps to enable the true scale of Pay by Bank and variable recurring payments (VRP) in the UK.
Visa A2A is a framework that connects banks and third-party providers (like Tink) under a common rulebook, API standard, commercial model, liability framework, and disputes management platform.
Ian Morrin, Tink's Head of Payments, said: “Visa brings an expertise and scale to the table that will help bring Commercial VRP to life and start the next wave of growth in this area of non-card payments.”
The next stage of Visa A2A has just been announced, and Tink is excited about this latest milestone for account-to-account payments in the UK.
Today we are pleased to confirm our membership of Visa A2A, with other third-party providers (TPPs) and financial institutions – like banks – also joining the initiative. But what do these developments mean for our products – like Pay by Bank and VRP?
Best-in-class consumer protections
In short, Visa A2A is a framework that enhances open banking-based recurring payments. It connects banks and TPPs (like Tink) under a common rulebook, API standard, commercial model, liability framework, and disputes management platform.
This means a state-of-the-art Pay by Bank experience, coupled with Visa’s best-in-class consumer protections.
Here are some of the other reasons why Visa A2A is great news for Pay by Bank:
Recurring payments via Pay by Bank will become normalised – VRP capabilities will be available beyond Sweeping use cases
A scalable solution for cVRP – expansion can be faster with fewer hurdles between TPPs and banks in the industry
Increased competition will enhance UX – fintech resources can be freed up to optimise the flow
Increased consumer trust – Clear guidelines processes for fees, disputes, liabilities and protections will increase buy-in and boost consumer trust
Boosting innovation and industry collaboration
Ian Morrin, Tink’s Head of Payments, said: “There is clear momentum behind Pay by Bank solutions in the UK market, so it's fantastic to see Visa spearheading innovation and industry collaboration with the development of Visa A2A.
“This is a pivotal moment for fintech companies, like Tink, and banks to work together to provide enhanced account-to-account experiences for consumers and businesses alike.
“Visa brings an expertise and scale to the table that will help bring Commercial VRP to life and start the next wave of growth in this area of non-card payments.”
Ecommerce enhancements to come
The scope of Visa A2A will expand in the future, broadening from recurring payments (such as bills and subscriptions) to ecommerce more generally.
This expansion means consumers choosing to use Pay by Bank across a wide variety of use cases could benefit from the same enhancements and consumer protections that Visa A2A is bringing.
Read the full press release on the latest Visa A2A developments here.
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