Tricount, a “pioneer” in group expense management, Aion Bank, a European licensed digital bank and Vodeno, a Cloud-native Banking-as-a-Service (BaaS) provider, have teamed up to launch Tricount’s new service, which allows its users “to reimburse expenses in its app through a one-click bank transfer.”
The three firms were introduced via Mastercard’s Fintech Express program, which gives start-ups and emerging brands support and assistance for each stage of their growth and transformation, all the way from market entry to international expansion.
Via the program, Fintech firms may leverage Aion Bank’s ECB licence, compliance and regulatory expertise and Vodeno’s VODENO Cloud Platform (VCP), one of the most extensive banking platforms, operating completely in the Cloud.
Tricount enables its clients to easily split bills, categorize expenses by type and take care of outstanding balances through integrated payment options.
The free-to-use app improved expense management when it was introduced back in 2010 and has grown to become quite popular with younger consumers who ‘make a tricount’ whenever they want to split their bills.
Tricount reportedly serves over 5.2 million registered users. The new in-app payment functionality eliminates the final layer of friction in the expense management process and makes calculating and splitting bills seamless.
Tricount users may send funds via the app directly from their banking account, anytime and fully remotely without having to share IBANs.
Tricount’s latest feature is powered by Aion Bank and Vodeno, who provide white-label embedded finance services to financial and non-financial companies.
Aion Bank and Vodeno will be linking up the Tricount app to clients’ banking accounts and initiate payments.
Tricount clients who would like to perform direct bank transfer payments via the app will now be able to do so in one intuitive experience.
Mastercard Open Banking tech serves as the backbone that enables Tricount users with a Belgian bank account to send and receive money.
Guillebert de Dorlodot, who co-founded Tricount with Jonathan Fallon stated:
“We launched Tricount to make sharing of bills between friends and family easier. For the last 10 years, we have observed triple digit annual growth. Repayments with direct bank transfers was a long awaited feature for our Belgian users, and we believe this is one of the first PSD2 integrations that truly makes sense for consumers.”
Kim Van Esbroeck, Country Manager of Aion Bank Belgium remarked:
“Together with Vodeno and, in partnership with Mastercard, we offer innovative, embedded banking services to both regulated and non-regulated entities. Tricount is a good example of our ability to offer payments-as-a-service and innovate this space. Our entire spectrum of products include: deposits, investments and lending together with cards, payments and KYC through our open APIs that can easily connect with any fintech’s frontend.”
Henri Dewaerheijd, Country Manager, Mastercard BeLux added:
“We are pleased that our fintech partners Aion Bank, Vodeno and Tricount have chosen the Mastercard Open Banking Connect network to enable safe and easy transfer of funds between users. The application of (PSD2) Payment Initiation as a service is a first for Mastercard in Belgium. We are looking forward to seeing this technology scale in fintechs or merchant apps.”