Italian bank BNL, part of the BNP Paribas Group, has launched a multi-banking service in collaboration with open banking platform Tink.
BNL and Tink have added a new multi-banking feature to BNL’s mobile app, giving customers a 360-degree view of their finances. It also lets them add checking accounts they may hold with other banks in Italy.
The move is part of a wider strategic partnership between BNP Paribas and Tink, which was announced at the beginning of 2020.
Marco Tarantola, BNL Deputy General Manager and Head of Commercial Banking Division, said: “We are one of the first banks in Italy to offer multi banking to its customers, helping them to better manage their money by having an overview of their finances held with different banks, all in one place.
“This is the first step in our collaboration with Tink, which will enable us to continue developing our open banking strategy – driving innovation for the bank and adding real value for our customers.”
As a first step, BNL is integrating Tink’s account aggregation technology into its app, with money management to follow.
“Powered by open banking”
Daniel Kjellén, co-founder and CEO of Tink, said: “With over 100 years in the banking industry, BNL is one of the most respected and well-known banks in Italy. This first important step in our partnership gives BNL’s 2.5 million customers a better understanding of their finances with just one app.
“We look forward to continuing to work with BNL, as part of our strategic partnership with BNP Paribas, to help it create more services powered by open banking technology.”
The announcement comes after Tink experienced a strong 2020, securing an €85m ($103m) investment in December to fuel further expansion. This investment brings the Swedish fintech’s valuation to over $800m.
Private Equity firm Eurazeo Growth and existing backer B2B venture capital firm Dawn Capital co-led the funding round. Existing investors PayPal Ventures, HMI Capital, Heartcore, ABN AMRO Ventures, and Poste Italiane and BNP Paribas’ venture arm Opera Tech Ventures, also participated in the round.