Swedish open banking platform Tink has entered into a partnership with Enel X, part of Europe’s largest utility company the Enel Group.
Enel X has selected Tink as its open banking technology provider and will leverage Tink’s personal finance management technology.
This technology will allow Enel’s subsidiary Enel X Financial Services – which specialises in payment solutions – to create digital financial solutions targeting Italian and European clients.
The solutions are expected to launch in the coming weeks.
Launched in 2017, Enel Group’s Enel X is solely dedicated towards the creation of digital products and solutions across cities, homes, industries and electric mobility sectors.
Enel X Financial Services, on the other hand is a Bank of Italy (BOI)-authorised e-money institution that provides payment solutions to consumers and corporates.
Enel X Financial Services CEO Giulio Carone said: “This agreement is an important step in our ongoing commitment to become a leading player in the digital banking market, powered by the new possibilities created by open banking, integrated within the Enel ecosystem that embeds services like energy and e-mobility.
“Through the partnership with Tink we will be able to support our clients in the daily management of their finances, with an innovative and engaging solution that uses machine learning to provide tailored and personalised advice.”
The latest partnership with Tink will help Enel X Financial Services to meet customer demands on smart digital financial services.
Tink co-founder and CEO Daniel Kjellen added: “By teaming up with Enel X Financial Services, we will together and over time make Tink’s open banking technology available to millions of Enel customers across the world.”