Visa, Inc. [NYSE: V] disclosed Thursday that it has inked an agreement to buy Tink. Tink is a European open banking platform that allows financial institutions, fintech, and merchants to build customized financial management tools, products, and services for European consumers and businesses is based upon their financial data. Visa will pay the total financial payment of 1.8 billion Euros, all-encompassing cash, and retention stimulus packages, to buy Tink.
Furthermore, this acquisition by Visa of Tink confirmed infrastructure and sustained investment in flexibility, cybersecurity and fraud avoidance with Tink’s APIs, technology and customer relationships are anticipated to aid in speeding up the embracing of open banking in Europe by allowing a safe, reliable platform for novelty.
It has been disclosed that the clients are now able to better manage their financial experiences, including overseeing their money, financial data, and financial goals. In The Meantime, businesses large and small will have a larger and more tailored range of tools to manage digitally and securely, whether resolving bank statements and accounts or allowing alternative financing.
The deal is dependent on regulatory authorizations and other traditional closing conditions. Visa will finance the deal from cash currently available. Moreover, this deal will have no effect on Visa’s earlier announced stock buyback program or dividend policy. Additionally, European Union law requires that banks allow access to registered third-party providers on behalf of, and with the agreement of, their customers.