Digital investment platform Wealthify has chosen Open Banking company Tink to provide automated payment initiation services (PIS.)

The partnership will see Tink’s PIS technology embedded in the Wealthify app.

This enables investors to transfer an initial investment sum during the onboarding process and make additional payments to top-up their accounts, which was previously a manual process.

In June 2020 Wealthify became a wholly owned subsidiary of insurance and investment giant Aviva. The company predicts a doubling of its 50,000 investors over the next 12 months.

“Open Banking is a fantastic opportunity to deliver seamless payment experiences for our customers that are quicker and more competitive than traditional card payments,” said Simon Holland, chief product officer, Wealthify. “The customer response has already been brilliant, and our partnership enables us to make more of our customers' money work harder, by maintaining our market-leading low fees.”

Rafa Plantier, UK and Ireland country manager at Tink, added: “This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider open banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates. We look forward to developing our partnership with Wealthify to this end, to help give their 50,000 investors a better payment experience.”

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