Tink, a Sweden-based fintech that provides APIs to create next-generation banking services, announced on Wednesday it has launched its new API developer platform that will allow developers in companies of all sizes, across any sector, access to its technology. According to Tink, the new platform will also allow developers to use its Account Aggregation and Categorization products.
“Tink lets developers access financial data from more than 300 banks in a single API, once the end user has given their consent for this data to be accessed. The developer platform will make it faster and easier for developers to experiment and launch new and innovative customer-facing products. The complexity of authentication, and the end user’s interaction with banks, is handled entirely by Tink – leaving developers to focus on utilising the data and building a superb user experience.”
Tink then reported that the solution isn’t just limited to fintechs, and can be used by developers across any sector who would benefit from accessing financial data to improve their products for end users. The company also noted that while the initial launch will support banks in the Nordics, the platform will soon be rolled out across Europe and continuously expand with additional features and developer tools. Fredrik Hedberg, CTO and co-founder at Tink, stated:
“The ability to aggregate data is what has enabled Tink to grow into the business it is today. We know from experience that there are countless developers out there with brilliant ideas – but innovation has been held back by the lack of access to financial data. Businesses can now come to us and implement something new in just a day, instead of having to wait for banks to open their APIs in two years time. By democratizing access to financial data, Tink is tearing down the barriers to innovation, and becoming the missing link that has stopped these ideas from becoming reality.”
“After we receive permission, we use Tink’s APIs to aggregate transaction data from our end user’s accounts. Our algorithms then use the data to build a real time credit score which can be used in P2P payments. It helps sellers who want to know which potential buyer has a reliable credit history and can, for example, make payments on a rental property, or when buying a car. Tink’s API platform is super easy and user friendly; the possibilities that the APIs present us with are endless. With this technology available to developers, I expect to see a wealth of new user friendly products coming to market.”