Tink, a leader in the open banking sector and now a part of the Visa family, has just rolled out a new feature: Risk Signals. This innovative, rules-based risk engine is designed to make instant payment experiences across Europe a reality, all while keeping risks at bay.
Today, waiting three days for a bank transfer to settle is akin to waiting for paint to dry. Consumers and businesses alike are itching for speed, but not at the cost of security. Tink’s Risk Signals promises to bridge this gap. It’s a tool that assesses transactions in real-time, adding only a whisper of friction to the user experience, ensuring that businesses don’t have to choose between speed and safety anymore.
How Does It Work?
Risk Signals leverages account, balance, and transaction data, all shared under the payer’s consent, to make swift and accurate risk decisions. This means that as a consumer breezes through payment, Risk Signals is working hard in the background, ensuring everything checks out.
What’s particularly great about Risk Signals is its suite of risk checks, tailored per bank and market. This includes live balance verifications, transaction history assessments, and velocity checks to flag any suspicious activity. It’s a comprehensive approach to minimizing fraud risk, tailored to fit the unique needs of different markets.
Launching Across Europe
Starting in Germany, Tink is rolling out Risk Signals across the continent, with Adyen, one of the world’s largest Payment Service Providers (PSPs), already on board. The beauty of Risk Signals is its ease of integration for Tink customers, requiring no heavy lifting on their part.
According to Dirk Jan Meijers from Adyen, this collaboration with Tink enhances the open banking payment landscape, especially in key markets like Germany, by offering a secure and reliable payment option that meets both merchants’ and shoppers’ expectations.
Tom Pope, Tink’s SVP of Payments and Platforms, sums it up perfectly:
With Tink’s Risk Signals, you no longer need to compromise between a fast checkout and reducing risk.
