New Tink Feature Offers Consumers a More Detailed Overview of Transactions in Banking Apps

Tink, the open banking platform from Visa, has launched a new feature to offer consumers a more detailed overview of their transactions in their banking app. 

Through its newest feature, ‘Merchant Information’, Tink is ensuring 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.

Tink research found that 45 per cent 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.

It says the feature aims to enrich card and non-card transactions, offering consumers a more thorough understanding of their spending. Merchant Information will complement Tink’s existing data enrichment capabilities, including categorisation, recurring transaction prediction, and CO2 emissions.

This move also promises to benefit banks, which will benefit from cost savings from reduced call centre enquiries and transaction chargebacks. Tink’s analysis indicates that large issuers can save as much as €22million annually by providing greater clarity to their customers.

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

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

A ‘win-win for all parties’

Jack Spiers, banking and lending director at Tink

Jack Spiers, banking and 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.”

Merchant Information also boasts a greater ability to deter friendly fraud and improve fraud models through granular transaction information. Tink says that clearer information on customer spend enables greater personalisation of services to drive customer engagement

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