30 November 2017 - Turnkey open banking platform provider, Token, has pledged to connect banks, merchants and other third-party providers (TPPs) to any bank in the EU for PSD2 payment orders and account information requests.
Marten Nelson, Co-Founder and VP of Marketing, Token comments: “The goal of PSD2 is to boost competition by letting customers choose who can access their data – this can not be achieved while everyone must contend with multiple bank-specific APIs. Developers can not write to more than one or two APIs, and TPPs can not resource the technical heavy lifting needed to integrate with them all. Token solves this problem by providing direct access to any bank in the EU. Right now, we’re connecting banks-to-banks, merchants-to-banks and TPPs-to-banks faster and with less friction than anyone else on the market, via our single, secure interface. Token is the only provider that can do this.”
“PSD2’s frontrunners are establishing how they can capitalise on the future abundance of bank-data, either to create new services, or support those developed by TPPs,” adds Nelson. “This whole approach relies on them being able to connect to their customers’ banks in the first place. In 2018, the market will develop fast, so the ability to connect to any EU bank quickly and securely has to be a priority for everyone in the industry.”
Token’s developer-centric approach has already attracted hundreds of developers and TPPs, who are now creating apps and services that run on TokenOS. Some examples are e-commerce checkout, in-purchase lending, PFM apps, multi-bank account aggregation and sweeping of funds and many more. Camilla Sunner, Managing Director at payments solutions provider, Valitor, added: “The payments landscape is moving quicker than ever before. Token is an invaluable partner to help others take advantage of that change. As a result of Valitor’s partnership with Token, Valitor can now focus on delivering the next generation of payments. We focus on building value added services, and after a simple integration they enable back-end bank-to-bank access. Together we help drive the market into the world of open banking.”
Token is a technology company with headquarters in San Francisco and offices in London. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. Further, the platform raises security and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
Token is a recognised industry leader named in the Financial Times Future of Fintech Awards shortlist 2017 as one of the top ten companies to watch globally. CB Insights named Token in their global annual ‘The Fintech 250’ ranking and in 2016 Token was the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
Valitor (www.valitor.com) is an international payment solutions company who helps partners, merchants and consumers to make and receive payments. Leveraging thirty four years’ experience, it provides issuing, acquiring and gateway services to partners and merchants across Europe. Valitor improves cash flows through next day settlements, increases financial control through real time reporting and analytics, as well as reduces risk of fraud. Valitor is head-quartered in Iceland with a strong presence in London, UK and Copenhagen, Denmark. It operates with an EMI license under the FCA as well as a full cross-border EEA credit license in Iceland.
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