Portugal’s banking heavyweight, Caixa Geral de Depósitos (CGD), has inked a new partnership with Swedish open banking platform Tink, reports Tanya Andreasyan of Fintech Futures (Finovate’s sister publication).
CGD’s newly launched app – Dabox – has Tink’s products integrated into it, namely aggregation payment initiation, data enrichments and personal finance management (PFM). Tink’s cloud-based open banking platform will underpin the app, which is now being rolled out to CDG’s domestic customer base of four million people. The vendor said it will help customers “to make smarter financial decisions.”
Tink has been working with Portugal-based payments processor SIBS, helping the country’s APIs to meet the standard required under PSD2 regulations. The implementation period took six months in total, says Tink, including integrating the PSD2 APIs, applying machine learning (ML) to all categories and launching PFM in Dabox.
“The open banking movement is fundamentally changing the financial services industry – transforming how millions of customers engage with banking services,” said Daniel Kjellén, co-founder and CEO of Tink. He described CGD as “a forward-thinking partner” and says Dabox will give CGD’s customers “a complete overview of their financial lives.”
The new app, which is launched today (24 September) will enable users to see their current accounts from all Portuguese banks and make payments and transfers between these accounts.
CGD “is undergoing a major digital transformation,” said Maria João Carioca, executive board member of CGD. Tink – “an innovative and challenging partner” – will enable the bank “to combine innovation and a ‘fresh look’ on the financial business with the universal service and trustworthiness that have been CGD’s trademark,” Carioca added.
CGD is largest bank in Portugal, wholly owned by the state since its inception back in 1876. It is a universal bank offering commercial and investment banking, asset management and specialised financing services. It has total assets of over €91 billion.
Founded in Stockholm in 2012, Tink has 250 employees and works with the likes of PayPal, NatWest, SEB, ABN Amro, BNP Paribas Fortis, Nordea and Klarna. Insight Venture Partners, Heartcore Capital, SEB, Creades, Nordea Ventures, ABN Amro Digital Impact Fund and PayPal are investors in Tink.
Tink demonstrated its API platform at FinovateEurope 2019