FinTech news in Open Banking category

With the funds from the recently-closed Series A, Shoykhet says that Link will launch account verification, which will verify bank accounts and ownership information to bring merchants in compliance with Nacha’s new account validation rule. Link customers pay by bank transfer, sending funds directly from their bank to a merchant’s business account. Recently, Discover dove into the accounts-to-accounts space, partnering with payments fintech Buy It Mobility so that its partner merchants can accept card-free payments, Link claims to be one of the first companies in the U.S. to enable customers to make online payments using their bank accounts.

Clyde said also that Token’s payment volumes grew 20-fold last year, and currently account for 21% of all account-to-account payments in the UK and Europe — a proportion that is set to rise as more of its customers take their Token integrations live.

Based in the U.K., Yapily offers a single, unified open banking API to interact with bank accounts. Companies can leverage open banking to check the balance on a bank account, fetch the most recent transactions, but also initiate payments directly from a bank account. Like Yapily, finAPI clients can obtain account information and initiate payments using an API.

Like Tink, Klarna offers an open banking application programming interface (API) with Klarna Kosma. Klarna now wants to compete directly with Tink with a new business unit that has its own brand — Klarna Kosma.

For example, these included four new payments products — Direct, for account-to-account bank transfers; Disburse for remittances directly from accounts; Pay, a no-code solution for micro-businesses to collect payments; and for enterprise customers, IPG, a platform created for large financial institutions to collect payments on behalf of merchants.