Data enrichment and payment services platform Tink has announced the launch of Merchant Information, a solution that focuses on offering consumers a more detailed overview of their transactions. Provided within Tink’s Consumer Engagement offering, Merchant Information allows banking app transactions to be shown with a clear brand name, logo, location, and merchant contact details, which intends to minimise the need for consumers to contact their financial institution to enquire about payments they do not recognise.

In addition, the solution is set to optimise card and non-card transactions, offering consumers a detailed understanding of their spending. Tink’s Merchant Information comes as an addition to the company’s existing data enrichment features, including categorisation, recurring transaction prediction, and CO2 emissions. As per the information detailed in the press release, Tink’s solution is set to be available in seven European markets in 2024, with a complete rollout to come by spring 2025. Tink’s offering and how it supports consumers By being part of Visa, Tink’s Merchant Information utilises the firm’s global data network of merchants and other third-party data sources to expand coverage in over 200 markets.

Through this, Tink’s features allow banks to display clear, visually interesting data in their app to increase consumer engagement. The decision to launch Merchant Information follows extensive research conducted by Tink which showcased that 45% of adults in the UK already want their bank to provide them with more details about their payments, such as logo, location, and retailer name. By benefiting from this visibility, individuals can better identify their transactions and understand their finances. Among the potential advantages of Tink’s Merchant Information solution for both consumers and banks, the company mentions minimised cardholder enquiries, fraud prevention, an improved digital user interface, and expanded customer loyalty.

When commenting on the announcement, representatives from Tink underlined that, as banks and merchants are more interconnected in their digital transformation journeys, the company taps into Visa’s extensive merchant data network to optimise the customer experience and offer individuals a complete understanding of their spending habits. .