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September 24, 2019updated 12 Nov 2019 1:29pm

Open banking firm Tink partners with CGD in Portugal

By Patrick Brusnahan

Open banking platform Tink has partnered with Portugal-based Caixa Geral de Depósitos (CGD).

CGD has integrated Tink’s products. These include aggregation, payment initiation, data enrichment, and personal financial management (PFM). In addition, they all come in a new app – DABOX.

As a result, DABOX is launching to CGD’s four million customers and Tink’s platform will underpin the app. The aim is for it to hopefully enable CGD customers to make smarter financial decisions. With DABOX, customers will be able to see their current accounts from all Portuguese banks and also make payments and transfers between them.

Leading up to the partnership, Tink has been working with SIBS, the payments processing firm in Portugal, to help the country’s APIs meet PSD2 regulations. The entire implementation period took six months. This time was needed to integrate the PSD2 APIs, apply machine learning to all categories and launch PFM in DABOX.

Daniel Kjellén, co-founder and CEO of Tink, said: “The open banking movement is fundamentally changing the financial services industry — transforming how millions of customers engage with banking services. We’re honoured to be working with a partner as forward-thinking as CGD, to combine our expertise and revolutionise their customers’ experience. Together, we will give CGD’s customers a complete overview of their financial lives, helping them manage their money more effectively and make smarter financial choices.”

Maria João Carioca, executive board member of CGD, said: “CGD is undergoing a major digital transformation process that will reinforce the current leadership of the Portuguese market. We are moving into the Open Banking world with a firm belief that it will allow us new ways of answering people’s financial needs. We remain true to our values and believe that innovative and challenging partners, such as Tink, will allow us to combine innovation and a “fresh look” on the financial business with the universal service and trustworthiness that have been CGD’s trademark since 1876.”

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