22 April 2024: Splitwise, a popular app for sharing bills and expenses, and Tink, a market-leading payment services and data enrichment platform, have partnered to bring Pay by Bank to Splitwise users. This enables millions of Splitwise users to initiate direct payments to friends and family from within the Splitwise app.
Splitwise has been helping users organise expenses and track balances with friends for over a decade. Now, with the help of Tink, Splitwise is able to enable the transfer of money directly from friend to friend through its app in markets supportedby Tink’s open banking solution, starting with the UK.
Prior to partnering with Tink, Splitwise users had to exit Splitwise and go to their banking app to initiate payment and then return to Splitwise to confirm they had settled up with their friends. Now, friends can link their bank account and settle up in seconds by initiating a secure bank-to-bank payment. This new payment experience is the logical next phase in the Splitwise journey.
There are two elements to the partnership: Account Check and Pay by Bank. First, Tink’s Account Check enables Splitwise users to to easily link their bank details to their Splitwise account. Account Check confirms the owner of a bank account by fetching real-time data from banks – such as account number and account holder name. Once bank details have been verified, these details can be used to initiate and receive payments through the app.
Tink’s Pay by Bank then enables users to initiate payments directly from their bank account, within the Splitwise app. This account-to-account payment method provides a secure and streamlined experience by letting users authenticate and pay in a few clicks in-app. With zero data entry and fewer redirects, it is one of the most frictionless ways to pay online.
Jonathan Bittner, the CEO and co-founder of Splitwise, said: “We have always believed that any customer of ours should be able to pay their friends or family back securely and safely, right from within our app. Our open-banking partnership with Tink is enabling a long-awaited step towards that goal. Tink has been an ideal partner for our Pay by Bank functionality and we are eager to expand open-banking solutions with them in other regions.”
Ian Morrin, Head of Payments and Platforms at Tink added: “Splitwise is a fantastic tool for consumers to manage their money and easily calculate who owes who what. We have thoroughly enjoyed teaming up to enhance the user experience by making it possible to pay back friends instantly. Accepting bank payments directly from within the app means avoiding both manual entry and clunky redirects as well as minimising fraud.
“Pay by Bank is a truly innovative payment method that is powered by open banking technology, which we believe will change the way we pay. Consumer adoption is naturally a big focus of ours and the key to accelerating the adoption is to provide an efficient user experience built on trust and understanding.”
— ENDS —
Notes to editors:
Contact details:
Linda Winder, PR & Communications Director, press@tink.com, +44 7809265941
About Tink:
Tink is a market-leading payment services and data enrichment platform. Through more than 6,000 connections to banks, Tink provides payments, banking, and lending solutions that power the new world of finance – whether that’s making account-to-account payments, onboarding new users, making better risk decisions or creating engaging money management tools. A wholly owned subsidiary of Visa, Tink was founded in Stockholm in 2012 as a pioneer of open banking.
Today, Tink is present in 19 markets with an enhanced fintech platform that goes beyond its open banking beginnings, to serve many of the world’s largest financial institutions. Tink enables its partners to take processes that are filled with friction and replace them with data-driven experiences that helps eliminate complexity for millions of consumers across the globe. For more information visit tink.com.
About Splitwise:
Splitwise is a market-leading consumer technology company on a mission to reduce the stress and awkwardness that money places on relationships. Splitwise’s popular mobile apps help people easily manage shared costs for any group, such as trips, friends, households, and families. Tens of millions of people use Splitwise, and Splitwise users have split or shared hundreds of billions of dollars USD in shared costs since Splitwise was incorporated in 2012. Splitwise serves customers around the world and is headquartered in Providence, RI.