Enel X now dreams of a future in fintech

Alliance with the Swedish platform Tink, one of the most important companies in Europe as regards digital banking services

Logo Enel Enel is also targeting the fintech and open banking market. Enel X, the part dedicated to the energy giant's innovative and more technological projects, through its Enel X Financial Services division has entered into a strategic partnership with the Swedish platform Tink, one of the most important companies in Europe for digital banking services that enable banks, fintech companies and startups to provide data-driven financial services. In this way the two companies will collaborate for the development of new services in the digital payments and personal finance management sector.

This agreement is part of a broader framework implemented by Enel X to enter the world of innovative banking services. In fact, the Enel group has also recently announced the launch of the Enel X pay app, which will allow, among other things, to pay bills digitally by creating an account or with prepaid cards issued by the group. It is therefore the possibility of digitizing a system that currently moves around 300 million transactions a year in physical payments with average commissions of 1.5 euros each, as stated in the words of Enel X CEO, Francesco Venturini, reported by Il Sole 24Ore.

The partnership with Tink also looks in this direction, aimed above all at implementing the services offered by Enel X Financial Services, which already operates as an electronic money institution authorized by the Bank of Italy. The Swedish platform will provide Enel with open banking technology for a new payment method to the more than 30 million customers Enel has only in our country and 75 million globally.

On this front, Tink technologies in open banking allow companies to create and manage financial services based on data analysis. With its API platform, in fact, the company allows you to manage different current accounts from a single app, as well as the ability to make payments digitally and to monitor consumption. To date, it also gives its users the possibility to connect to over 2,500 banks throughout Europe with the possibility of reaching over 250 million bank customers.

Enel will therefore also rely on this ecosystem for its plans to expand as one of the largest European multiservice companies worldwide, and to compete soon in the open banking and fintech sectors. And that this is one of the fastest growing sectors in recent years, both nationally and globally, is also demonstrated by the recent agreement signed between the Illimity bank and another important name in fintech such as Hype precisely for the implementation of new digital banking and financial services.