Lydia-Tink partnership: Exciting new features lined up
Fintechs have never been as relevant as they are right now. Brick-and-mortar banks claimed that their physical locations gave them an edge over the emerging fintech. But, the stay-at-home orders took that edge away. This gave the fintech even more confidence and the last six months have seen the launch of new fintech as well as the addition of exciting new features to old ones.
Lydia partners with Tink to offer exciting new features
Lydia has partnered with financial API startup Tink to offer cutting-edge features to its customers. With over 4 million users in Europe, is one of the most popular fintech in Europe. It aims to be a financial super app with banking and other financial services. It has taken one step in that direction by partnering with Tink.
Lydia used only Budget Insight’s Budgea API until now. Now, Lydia will switch between Budgea API and Tink based on the user’s bank account compatibility. The two important aspects of Lydia are account aggregation and payment initiation. Connecting your bank accounts to the app lets you view the most recent transactions. This makes Lydia the go-to financial app. Payment initiation enables bank account to Lydia transfer as well as transfers between different bank accounts.
Download the latest Lydia app here.
Open banking API benefits
The biggest advantage of Tink like open banking API is that it removes transaction and card processing fees. Lydia-Tink partnership is working towards providing this feature. They are also emphasizing on card payments because of their stable nature. They want to add new features to card usage such as the ability to transfer money from one card to another.
Lydia processes around €250 million in transactions every month and 5,000 new users are coming on board daily. Exciting times for existing and new Lydia customers.
Jim has a bachelor in Philosophy of Science from the University of Leeds. When he is not writing tech articles he enjoys photography 📷 and traveling 🚂.