02 October 2024

TINK LAUNCHES MERCHANT INFORMATION TO GIVE CONSUMERS FULL TRANSACTION VISIBILITY

Written By FinTech Alliance in FinTech

TINK LAUNCHES MERCHANT INFORMATION TO GIVE CONSUMERS FULL TRANSACTION VISIBILITY

Tink, a Visa Solution, has launched ‘Merchant Information’ to provide consumers with a more detailed overview of their transactions. 

Merchant Information, a solution within Tink’s Consumer Engagement offering, means banking app transactions are shown with a clear brand name, logo, location, and merchant contact details – reducing the need for consumers to contact their bank to enquire about transactions they don't recognise. Merchant Information will enrich card and non-card transactions, providing consumers with a thorough understanding of their spend. Merchant Information will complement Tink's existing data enrichment capabilities, including categorisation, recurring transaction prediction, and CO2 emissions.

As part of Visa, Tink’s Merchant Information leverages Visa’s global data network of 130m+ merchants as well as other third-party data sources for scaled coverage in 200+ markets. As a result, Tink's capabilities enable banks to display clear, visually appealing transaction data in their app to drive consumer engagement.

Tink’s research shows that 45% of adults in the UK already want their bank to show them more details about their individual payments, such as logo, location and retailer name. With this greater visibility, people can identify their transactions and better understand their finances. 

For banks, this means cost savings from reduced call centre enquiries and transaction chargebacks. Tink's analysis indicates that large issuers can save as much as €22m annually by providing greater clarity to their customers.

Merchant Information includes a series of benefits for consumers and banks:

  • Reduce cardholder enquiries: the information simplifies transaction reconciliation, reducing transaction enquiry call volumes
  • Fraud prevention:  greater ability to deter friendly fraud and improve fraud models through granular transaction information
  • A better digital user interface: the structured and clear transaction data drives in-app engagement and helps consumers to better understand and manage their finances
  • Increase customer loyalty: clearer information on customer spend enables greater personalisation of services to drive customer engagement

The solution will be available in seven European markets in 2024 with a full European roll out to follow by spring 2025. 

 

Jack Spiers, Banking & Lending Director at Tink, commented: “By providing a clear and understandable way of presenting bank account transactions, Tink’s new Merchant Information solution is a win-win for all parties. Consumers can easily recognise their transactions, reducing the need to contact their bank for additional information or to request a refund. While for banks, this opens up large potential cost savings, through fewer enquiries.

“Banks and merchants are increasingly interconnected in their digital transformation journeys. Tapping into Visa’s extensive merchant data network, we can enhance the customer experience to give consumers the 360-degree understanding of their spend they deserve.”

Up Next ...
17 December 2024

Nubank Leads $250 Million Investment in African Digital Bank Tyme, Valuing It at $1.5 Billion

The funding will support Tyme's expansion into Southeast Asia, including Vietnam and Indonesia, as it aims to become a top retail bank in South Africa within three years....

17 December 2024

FIS Reportedly Set to Acquire UK-Based Fintech Demica for Around $300 Million

The acquisition is expected to enhance FIS's portfolio, following its recent purchase of San Francisco-based Banking-as-a-Service fintech Bond.

17 December 2024

AHAM Capital, leading asset manager in Malaysia, selects Temenos Multifonds SaaS to modernize its fund accounting platform

AHAM Capital is replacing legacy, on-premises systems with Temenos Multifonds Global Accounting on SaaS to drive scalable automation and future growth in the Malaysian ma...

16 December 2024

Astra Tech’s Quantix Secures $500 Million for Regional Expansion

The funding will drive the growth of its consumer lending platform, CashNow, and improve its Ultra app ecosystem

More in FinTech

Nubank Leads $250 Million Investment in African Digital Bank Tyme, Valuing It at $1.5 Billion

17 December 2024

The funding will support Tyme's expansion into Southeast Asia, including Vietnam and Indonesia, as it aims to become a top retail bank in South Africa within three years....

FIS Reportedly Set to Acquire UK-Based Fintech Demica for Around $300 Million

17 December 2024

The acquisition is expected to enhance FIS's portfolio, following its recent purchase of San Francisco-based Banking-as-a-Service fintech Bond.

AHAM Capital, leading asset manager in Malaysia, selects Temenos Multifonds SaaS to modernize its fund accounting platform

17 December 2024

AHAM Capital is replacing legacy, on-premises systems with Temenos Multifonds Global Accounting on SaaS to drive scalable automation and future growth in the Malaysian ma...

Astra Tech’s Quantix Secures $500 Million for Regional Expansion

16 December 2024

The funding will drive the growth of its consumer lending platform, CashNow, and improve its Ultra app ecosystem

White Papers FinTech

Open Finance in Review: Looking back at 2023

28 November 2023

In this insightful report, OzoneAPI delve into the pivotal developments that have shaped the landsca...

White Papers FinTech

Fintech 2030: The Industry View

02 October 2023

Key findings from the report:Embedded finance is expected to dominate the industry in 10 yearsThere...

White Papers FinTech

Pulse of Fintech H2 2022 report

27 July 2023

UK FinTech investment falls 56% to £14.42bn in 2022After an incredibly strong 2021, with total FinTe...

White Papers FinTech

The Rise and Impact of Fintech in Latin America

29 June 2023

Fintech also provides tools to help manage these risks. Financial authorities and their supervisees...

Finnovate Europe

Finnovate Europe

25 February 2025

12:00 AM - 12:00 AM

InterContinental London - The O2, 1 Waterview Drive, London, Greenwich, SE10 0TW

£1,699.00