French startup Bankin launched Bridge Pay this week, an API that allows you to initiate bank transfer payments from your app. Think of it as a kind of strip, but for transfers. The API currently covers 12 major French banks, which make up around 90% of retail accounts in France.
Bankin is both a B2B and a B2C startup. It runs a popular consumer app that allows you to combine all of your bank accounts into a single app. The company has managed to attract 4 million customers with this app. Bankin also manages an API called Bridge. Developers can connect directly to bank accounts to access transactions and banking information.
With bridge Pay, the company wants to go one step further and also become a payment API. The company already uses Bridge Pay within Bankin – customers can transfer money from one bank account to another in the Bankin app. Bankin users have so far transferred 1 billion euros.
Third-party providers can now arrange transfers themselves. For example, this can be useful for e-commerce companies that sell very expensive items. For example, if you want to buy expensive airline tickets or a Mac Pro on the Apple website, you may reach your card transaction limit.
In addition, there are countless ways to automate B2B transactions without having to interact with your bank account. For example, payroll services can be built right into your company's bank account to transfer money to your employees.
Bridge Pay can be integrated directly into your app or service. If you choose to pay by bank transfer, you'll get a list of banks, connect to your bank account, choose an account, and initiate a payment. Your bank may ask you for confirmation via SMS or push notification. The company will be able to add more banks in the future without changing the app.