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How Transferwise Uses Flinks to Accelerate Payments
By Flinks on November 12th, 2018
At Flinks we want to enable companies to use data in a better, smarter way. We believe that ultimately, consumers should have the right to choose whichever product is best to serve their financial needs.
In this first instalment of our “Flinks Stories”, Andrew Boyajian, Transferwise’s Head of Banking for North America, shares with us how they integrated Flinks in order to verify bank accounts, better assess risk and ultimately accelerate payments for their users.
At its core, TransferWise is just an easier, better, faster way to manage your money and specifically, to send it overseas.
I think that Flinks has done an incredible job really looking at the Canadian payment infrastructure and saying that there is a better way to access data that companies need to reduce risk profiles.
Challenge #1: Understanding consumer bank accounts
One of the challenges that we had in Canada was understanding our consumers’ bank accounts and whether or not those accounts were actually active, if they had sufficient balance, and as a result, what our risk was for doing business with those customers. So Flinks, through their technology, actually enables us to have access to that data and make better decisions about our customers.
Challenge #2: Understand the status of an account through bank account verification
One of the areas where we needed more help though was really understanding the status of an account, whether it was active, whether the name was correct. And through bank account verification with Flinks, we were actually able to see that information and engage with it in more of a real-time sense, which allowed better risk scoring on our side and ultimately, faster payments.
You know, Flinks is a local Canadian company so obviously, it’s quite cool for us to be helping out the Canadian FinTech ecosystem but as well, realizing your own relationships with the banks that are in your own backyard.
On Flinks and Transferwise’s mission
Both of these companies are really looking to sort of turn the financial sector on its head and say that there is a better way to do things, whether that’s providing data or whether that’s providing a money transfer. And working together, I think that we’ve made a huge impact then to Canadian consumers.