Visa to Buy Open Banking Platform Tink for €1.8B Fri, June 25, 2021, Global digital payments network Visa (V) has signed a definitive agreement to buy open banking platform Tink for €1.8 billion. The transaction will be funded with cash in hand and retention incentives. Tink allows financial institutions, fintech companies, and merchants to access aggregated financial data, use smart financial services such as risk insights and account verification, and build personal finance management tools. As per open banking laws, banks are required to give registered third-party providers access to customer data.CEO and Chairman of Visa, Al Kelly, said, “By bringing together Visa’s network of networks and Tink’s open banking capabilities we will deliver increased value to European consumers and businesses with tools to make their financial lives more simple, reliable and secure.”In January, Visa was forced to drop a similar buyout deal with Plaid, a U.S. data-sharing platform, as regulators rejected the deal on antitrust grounds.
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