Tink vs Volt: Which Open Banking Provider to Choose

Note that the information about Tink and Volt found in this article was taken from their respective websites on 11 March 2024. This information is subject to change.

Open banking represents a significant shift in the financial sector. Enforced in Europe in 2018 by PSD2, it has reshaped how financial data is shared. Previously, traditional banks held a monopoly over data. Now, with customer permission, they can securely transfer information with licensed fintech companies via application programming interfaces (APIs).

There are many impressive competitors in this space. Tink was founded in 2012 in Stockholm, Sweden, and established itself as a robust open banking platform. A decade later, the business was acquired by Visa, a multinational card payments company.

Volt UK is a much younger player. It was launched in 2019 in London. The provider secured $23.5 million Series A funding in 2021 and $60 million Series B funding in 2023.

We compare Tink and Volt, reviewing their product range and coverage to help you choose an open banking provider that meets your business needs.

Volt vs Tink for Online Payments

Payments

Tink Payments: Tink offers open banking payments for businesses, including bulk payments which can bundle up to 100 payments in one payment request.

Tink VRPs: Variable Recurring Payments (VRPs) enable payments of varying amounts at routine intervals without the need for re-authorisation. Tink offers both sweeping (me-to-me) and non-sweeping commercial VRPs. Note that non-sweeping VRPs are not currently mandated by the UK’s Open Banking Limited (formerly OBIE).

TinkLink allows users to initiate a payment using a link, connect to banks across Europe, and access a wide range of financial data.

Volt Platform enables businesses to accept real-time account-to-account (A2A) payments. Their core API is Volt Gateway, which is the starting point for receiving payments on a website or app. The company offers embedded and hosted check-out as part of its payment processing suite.

Volt Pay by Link allows users to send their customers a link to pay directly from their bank account.

Volt Transformer converts card payments into open banking payments. The tool recognises a shopper’s bank based on their debit or credit card, and then switches it from a card payment to an open banking payment.

Payment Security

Tink Risk Signals is a new payment security suite to protect transactions against fraud. It monitors, manages and blocks riskier A2A payments.

Volt Circuit Breaker is an anti-fraud system that monitors transactions using a flexible scoring system to identify suspicius activity.

Other Payment Features

Tink Payouts is a new feature that offers instant account payouts in Europe, with immediate settlement. The service can be used for refunds and withdrawals.

Volt Connect is their cash management suite, which collects and reconciles funds, processes exceptions, payouts and refunds.

Tink versus Volt for Open Banking Data

Verification Tools

Volt Verify is an account information service (AIS) tool that streamlines customer bank account verification. With this feature, users can confirm a customer’s full name and account number.

This is the only open banking data tool offered by Volt. Tink, on the other hand, provides a suite of features for verification, onboarding, KYC, and other operations.

Tink Account Check allows clients to confirm the owner of a bank account by fetching real-time data from banks, including account number, IBAN or routing number, account holder name, and, in some markets, identity data. Plus, the Tink Business Account Check feature enables users to instantly verify ownership of a business bank account by connecting with their bank in real-time.

Tink Transactions Data provides standardised transaction data from financial institutions across Europe. Meanwhile, an additional feature, Tink Business Transactions, provides access to standardised transaction data from business accounts through software development kits (SDKs).

Tink Balance Check is a new feature that allows users to verify whether sufficient funds are available for payment on clients’ account.

Tink Income Check lets Tink users verify their customers’ income by accessing real-time data from their bank account. The data is standardised and classified by Tink.

Tink Expense Check is a tool that enables users to access their client affordability through a standardised JSON report with data fetched in real time.

Other Data Features by Tink

Tink’s open banking data suite offers features beyond verification. For example, Tink Investments and Tink Loans are new features available in Sweden and Spain. They fetch real-time data from investment, pension, and loan accounts in these countries.

Tink Risk Insights provides lenders with a library based on real-time data to see the full extent of an end-user's repayment capacity. Users can improve their own in–house risk modelling with Tink features.

Meanwhile, Tink Data Enrichment is the provider’s tool for turning transaction data into business insights. Data enrichment is a process of transforming data into meaningful patterns.

Tink Money Manager is a suite of financial management tools available as SDKs or via the Tink API.

Tink vs Volt Coverage & Integrations

Tink payment features are available in 16 European countries, including the UK. Meanwhile, Tink’s data aggregation features are available in 18 European countries, including the UK. The provider connects to 6,000 banks and financial institutions.

Volt supports 29 European countries, including the UK. The provider also offers expansion into Brazil via Pix, the country’s instant payment system, and integration with PayTo, Australia’s real-time payment system.

Volt offers e-commerce plugins to integrate with WooCommerce, Shopify, Magento, PrestaShop, Shopware and Shoplazza platforms.

Volt vs Tink Pricing

Tink does not reveal its fee structure, yet the company offers different plans, depending on your business needs.

For example, they have separate plans for Tink Transactions and Tink Account Check. Within these categories, Tink offers either a Standard Plan or an Enterprise Plan with extra features.

Volt too does not reveal its pricing plans on the website. To discover their fees and pricing options, a client would have to contact the sales team.

Alternatives to Volt and Tink

​​Noda is a worldwide payment and open banking provider for seamless business transactions. From payment facilitation to financial analytics, Noda has got you covered. Our platform uses cutting-edge AI and machine-learning technologies.

Operating in the UK, EU and Canada, Noda supports a wide range of currencies for globally-minded clients. We offer scalable plans to fuel your business growth and e-commerce plugins for easy integration.