One of the world leaders in the digital platform Visa Inc (NYSE: V) announced that it had inked an acquisition deal with a European open banking platform, Tink. The European-based company allows financial institutions and merchants to construct and use customized financial management tools, products, and services. Many European consumers and businesses use the respective platform for their financial data and their business requirements. For the acquisition, digital platform Visa Inc will pay Tink, its European counterpart, 1.8 billion Euros, and this includes cash and retention incentives.

Dependency on Tink platform is high across Europe

On the Tink platform, by taking advantage of a single Application Programming Interface (API), users can access aggregated financial data, take advantage of intelligent financial services like risk insights and account verification. The platform also allows its users to build personal finance management tools. Across Europe, Tink is linked with over 3,400 banks and financial institutions, and many million customers depend on this open banking platform.

With the acquisition coming through, a source from Tink has confirmed that it will continue to operate from its present headquarters in Stockholm, Sweden. The source added that the company would not let go of its brand, and the current management team will be retained.

Meanwhile, a spokesperson from digital platform Visa Inc stated that the company would bring in innovation and will focus on empowering the customer, keeping in mind the open banking goals of Europe. The spokesperson also assured that the combination of the strong Visa Inc network and Tink’s open banking capabilities, value-added services would be delivered to European users and corporates, thus making their financial operations secure, simple, reliable, and hassle-free.

Customers in the U.K. and E.U can take advantage of innovative banking methods in the future 

The Europe-based banking platform has, in the last decade, built the company right from scratch. A team of professionals has worked hard to make Tink the leading open banking platform. Having built a strong base, a source from the company went on record to admit that joining hands with Visa Inc is the perfect way to scale up Tink to the next stage. The Europe-based company is optimistic about continuing to keeping its employees and customers happy with its financial services. Meanwhile, a source from Visa Inc has labeled Tink as a vital partner through whom innovative methods in the banking sector can be delivered to U.K. and E.U. customers.