Tink to offer FIs sustainability solutions in collaboration with ecolytiq

European Open Banking platform Tink will offer new and existing customers the ability to plug in sustainability-based services through a collaboration with climate engagement solution ecolytiq.

The combination of Tink’s Open Banking and data enrichment capabilities and ecolytiq’s sustainability features will enable financial institutions to provide their customers with an understanding of how their consumption habits impact their environmental footprints across all their bank accounts and transaction types.

According to recent research conducted by Tink, nearly two-thirds of 18 to 34-year-olds want more information about their carbon footprint, and nearly half said they would switch to a financial provider that allowed them to see the environmental impact of their purchases.

Ecolytiq’s range of climate engagement products will be made available directly on the Tink platform through a single API.

In addition, ecolytiq’s sustainability-based services will be scaled across all 18 markets in which Tink has a presence.

Ulrich Pietsch, co-founder and managing director of ecolytiq said that pairing Open Banking with sustainable banking is “good news” for financial institutions that want to make a difference.

“With climate action being so urgent, our partnership puts banks in the position to immediately meet the rising demand for climate-forward banking products with minimal technical integration. It’s a win-win for banks, who are ready to embrace the future,” Pietsch said.

Financial institutions that are already integrated with Tink will be able to easily add sustainability-focused coaching to their offering, while those that do not already offer Open Banking-driven services can implement both financial coaching and sustainability-related money management tools at the same time.

Christophe Joyau, SVP of banking and lending at Tink, added: “The fusing of Tink’s Open Banking and data enrichment technology with ecolytiq’s sustainability-focused solutions presents an exciting opportunity to increase people’s understanding of their impact on the environment, and change consumer behaviour.”

Tink, which became a wholly-owned subsidiary of Visa in 2022, serves more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries.