French banking group BNP Paribas has signed a strategic partnership with open banking platform Tink, making the latter the bank’s preferred partner for account aggregation in two European markets.
Tink already has an agreement signed with BNP Paribas Fortis, the retail network of BNP Paribas in Belgium. The new deal will see Tink be deployed by the Italian network of the French group, Banca Nazionale del Lavoro (BNL).
BNL will start implementing Tink’s solutions for account aggregation, payment initiation and personal finance management.
The partnership is supported by a minority investment in Tink made by Opera Tech Ventures, the venture capital wing of BNP Paribas.
The investment is part of a €90 million round Tink completed earlier this week, in which it outlined its intentions to expand across Europe.
“Tink’s solutions provide value added services to enhance our customers’ personal financial management,” says Sophie Heller, COO for retail banking and services at BNP Paribas.
Daniel Kjellén, co-founder and CEO of Tink, says that the company is “beyond excited” to become the preferred technology provider for aggregation at the banking group.
“Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools,” he adds.
Tink opened Italian, Portuguese and Spanish offices in December 2019, following a major deal with Portugal’s largest bank, Caixa Geral de Depósitos.
BNP Paribas extended a deal with Swiss banking technology firm Temenos at the beginning of the year, meaning that the two would work together until 2028 at the earliest. Temenos has been a technology provider at the group for more than 20 years.