Tink, an open banking platform, now offers a new feature called Balance Check that enables users to verify account balances. Tink states that this new feature will simplify the setting up of direct debit mandates, supporting both businesses and consumers.
Balances Check utilizes real time data for verification that is completed in seconds. Balance Check may be used as a way to battle fraud, minimize failed payments, and protect customers from penalty fees.
The new feature is launching in the UK, Sweden, France, Germany, Netherlands, and Italy. Balance Check is expected to be rolled out more widely across Europe in 2023.
Tom Pope, Head of Payments and Platforms at Tink, explained that insufficient funds is the number one source of failed direct debit payments:
“By using real-time data directly from the user’s bank account, Balance Check protects businesses by reducing the risk of non-payment, while also protecting consumers from missed payments and penalty fees – which will be fundamental as the cost of living rises.”