Belgium-based BNP Paribas Fortis signed an agreement to incorporate Swedish fintech firm Tink’s aggregation, personal finance management (PFM) and payment initiation technology in its mobile banking applications.
As part of the agreement, the two firms will roll out a new multi-banking app for BNP Paribas’ digital offshoot Hello Bank! later this summer.
Subsequently, Tink and BNP Paribas Fortis will work together to update the Fortis’ mobile banking service, known as ‘Easy Banking App’ by autumn.
Tink CEO Daniel Kjellén said: “We are beyond excited to partner with such a forward leaning bank as BNP Paribas Fortis – our product is in great hands since we share the view on how the future of open banking will be.
“The partnership is proof of a retail banking market that is becoming fully transparent and customer centric, where the innovators who choose to invest early in technology will gain insights that can attract new customers and expand existing ones.”
BNP Paribas Fortis CEO Max Jadot said: “Clients of banks can expect increased convenience and remain at all times in control of their data. To enhance client satisfaction and forge ahead in innovation, we signed a partnership with Stockholm based FinTech Tink.
“Tink has a strong focus on B2C and a proven track record with their consumer app in Sweden with over half a million users. We are thrilled to team up with Tink in view of enhancing our client’s convenience while continuing to guarantee the same high level of protection of client data.”
Tink’s aggregation product supports aggregation of any financial information that is normally available in banks’ mobile apps.
With this collaboration, BNP Paribas Fortis aims to improve user experience and build new, innovative services for their customers under the new payment services directive (PSD2).