A European financial technology startup Lydia collaborates with Tink which is an application programming interface startup to improvise its open banking features. Lydia is a payment processor app like PayPal which is used to transfer money from one another through apps without additional charges.
Lydia always aimed to be a core for all the financial services. It can control different bank accounts and access various operations through them. In France, it is the most used peer-peer payment app. You can transfer the money from just a QRcode using this fintech app.
From now onwards Lydia is trying to pair up with the API startup Tink for more clients and improvise their banking operations. Even you have an account in a small french bank, Lydia will connect your account to budget insight.
Cyril Chiche, CEO and co-founder of Lydia, specified that “It’s going to be a progressive rollout and we’ll use the best service depending on our users.”
In the present scenario, everyone wants the financial operations at their fingertips, so open banking allows the API to use all the financial data of the bank. So there is a lot of Financial data aggregation which allows you to view your financial transactions and banking statement whenever you want on your home screen.
The company started in 2011, but it worked on Lydia for 2 years before releasing it by 2013. At first, the company has only 20,000 users, but by December 2013 the user base increased acutely. Over 1000 merchants around France registered for Lydia pro and handled more transactions. This app is a huge click in France and available in both iOS and Android versions.
The current scenario in Lydia is it lets you SEPA transfer the amount using the service of the third party. Now you can store the money in your Lydia wallet and use the money and transfer it from Lydia wallet. If you want to deposit the money back into the bank account, you can even deposit back into the account. You can also transfer the money between several bank accounts using Lydia.
Tink’s API manages the Financial account aggregation of European banks. It is an application programming interface which creates an interaction between two different or similar services. It translates the Bank API into predictable API so the user can use it for all the banks.
Tinks API supports 15 financial organizations and a dozen of European markets which creates a vast area for development of Lydia after the collaboration.
Cyril Chiche, CEO and co-founder of Lydia, stated that “At first, it’s not going to add new things to the app. But it will allow us to provide features in a very stable environment and at a European scale. We want to have the most uniform product across different markets.”
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