Paris, 16 September 2021: Leading French payments service provider (PSP) Lemonway has launched Pay By Bank in partnership with Tink, to bring open banking-powered payments to its customers across Europe.
By integrating Tink’s payment initiation services (PIS), Lemonway can enable merchants to offer a fast and secure digital payment method that improves the user experience. With Pay By Bank, end-users can connect to their bank account and authorise the transaction in a few simple steps.
Pay By Bank expands the payments options available to Lemonway’s customers and provides a more seamless experience compared to traditional payment methods. It offers higher payment thresholds, and a secure transaction method that takes fewer steps to complete, because the payment can be initiated directly from the bank without manually filling in payment details – all within the same online environment.
Pay by Bank also aims to revolutionise payments in the wider financial services market. The new service will enable investment firms to connect directly to their investors’ bank accounts, enabling faster onboarding experiences and avoiding delays when adding beneficiaries to an investment account in order to deposit and receive funds.
Lemonway’s payment services have been trusted by more than 1,400 marketplaces and 200 crowdfunding platforms in Europe, with 8 million payment accounts (e-wallets) and more than 210 platforms registered as agents. In the last year, the value of payments processed by Lemonway increased by 90%.
Simon Berger-Perrin Chief Product Officer at Lemonway said: “The launch of Pay By Bank ensures we continue to offer our customers an industry-leading secure, scalable and compliant payment solution. Our ambition has always been to contribute to the success of marketplaces by enabling them to give their users a safe and frictionless payments experience. By connecting to Tink’s PIS solution, Lemonway can access a complete portfolio of banks across Europe through just one API integration, enabling us to scale Pay By Bank across Europe with ease.”
Jerome Albus, Director France & Benelux at Tink, said: “We are proud to partner with Lemonway to help it take a fast, simple, and secure open banking payment experience to its marketplace customers across Europe. Pay By Bank is a win-win for merchants and their customers, by reducing both the costs associated with payments and the time and effort it takes to complete a transaction. We look forward to continuing to develop our partnership with Lemonway in the coming months and years, to increase innovation in the payments market.”
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Lemonway offers an end-to-end payment solution for mkp's and alternative finance players across Europe. From user identification to Money outs, Lemonway orchestrates its clients payments by optimising their operations including wallet management and third-party payment in a KYC/AML - regulated framework. Its payment solution has been used by over 1,400 marketplaces in Europe including 200 crowdfunding platforms. Lemonway self-financed its growth for 10 years and then raised €35M from Breega Capital, Speedinvest and Toscafund Asset Management. Lemonway is approved and regulated by the ACPR and benefits from the "EU financial passport" in 28 countries. The company based in Paris (HQ), London, Madrid, Milano, Hamburg employs more than 120 people from 20 different nationalities. CB Insights named Lemonway in its 250 FinTech List of the Fastest-Growing FinTech Startups and among the 28 most promising FinTech companies in Payments Processing & Networks at a global level and it is also part of the French Tech 120, the pool of most innovative companies supported by the French Government.
Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Founded in 2012 in Stockholm, Tink’s 400 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries. We power the new world of finance. For more information, visit tink.com.