Novalnet is introducing a real-time payments feature for European merchants. Credit: Christiann Koepke on Unsplash.

Tink and Novalnet have teamed up to roll out a new open banking payment solution to the European payments market.

Germany-based Novalnet is introducing a real-time payments feature for European merchants to further improve the payment experience facilitated by its payment systems.

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The company said that this new feature will enable transactions to be credited to the merchant’s account almost instantly.

Novalnet will leverage Tink’s payment initiation services (PIS) technology to offer this unified digital payments service.

The company will initially roll out the merchant payment solution in Germany and the UK, with plans to integrate it across other European markets later this year.

Novalnet COO Emmanuel Kirse said that the new opportunities offered by the partnership will help both Tink and Novalnet grow together, along with merchants.

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Kirse added: “We expect great things from our strategic partnership with Tink, which is a significant development for both parties. With Tink, Novalnet can offer a new set of open banking related solutions in Europe.”

Novalnet offers payment solutions and automated value-added services.

Tink regional director for the DACH region Cyrosch Kalateh referred to partnership with Novalnet as a big step for Tink in the German market.

Tink is looking to expand its payment initiation services from five to ten markets, fuelled by an €85m investment round, according to Kalateh.

“We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market,” he added.

Last month, Tink acquired Germany-based FinTecSystems as part of its European expansion.