Serrala, the Financial Automation and Payments Software Firm, Partners with Open Banking Platform Tink

Serrala, the financial automation and payments software firm, and European Open Banking platform Tink, have formed a partnership for supporting open banking tech services.

Through the partnership, the companies will be supporting billers so they can reach clients via every channel to settle bills and reminders directly via their banking apps – leading to quicker, cheaper, more accurate, and final transactions.

In many jurisdictions, billing, and collections outside of direct debit remains a significant challenge for industries like insurance, utilities, telecommunications, and credit. Banking transactions may be time-consuming for the client and can result in considerable delays and mistakes. More conventional digital payment methods are typically associated with greater transaction fees, greater operational complexity, and the risk of chargebacks.

By bringing together Omnichannel Payment Requests from Serrala with Tink’s Payment Initiation Services (PIS), billers and clients are able to get the best of both worlds. A user-friendly online experience for clients and various benefits for billers: more consumers are able to pay faster, the resulting SEPA Credit Transfers are fairly cheap and will automatically match. Clients will also have the option to schedule a payment at a particular date in the future, thus eliminating many reminders.

With the comprehensive solution, billers are able to redesign the client journey or experience for any payment interaction via email, text messages, WhatsApp, portals, apps and even paper. This reportedly includes not just PIS, the mechanism to send the relevant details of a requested payment into a client’s banking app for authorization, but also the process to carry out a direct debit mandate online.

Marko Kling, VP Solution Architecture at Serrala, stated:

“Billers have been waiting for this. By partnering with Tink, we can help reduce billers’ payment-related costs with a solution that enables consumers to pay their bills quickly and accurately using their preferred payment channel, resulting in seamless payment experience for all.”

Caroline Lanslots, Senior Business Development Manager at Tink remarked:

“Our channel partnership with Serrala perfectly combines our PIS capabilities with Serrala’s tooling and payments expertise, to optimize end-to-end payment flows for billers. We look forward to building on this channel partnership to enable Serrala to take open banking powered payments to its customers across Europe.”

Serrala’s payment requests are currently available in over 20 European nations and are able to reach millions of clients in order carry out to billions of Euros in payments. Its cash application capabilities support confirmation of successful payment execution to the biller and consumer.

Tink’s Open Banking platform is currently live in 18 different markets across Europe, and the combined service with Serrala is now available for countries such as France, Italy, Portugal and the UK.

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