Token Enables Bank Direct Payments for Caxton FX Consumer and Business Customers

Token Enables Bank Direct Payments for Caxton FX Consumer and Business Customers

Empowers international FX leader to leverage open banking to offer a simple, fast and convenient way for customers to load their prepaid multi-currency cards.

4 June, 2018 - Turnkey open banking platform provider Token today announces that it is enabling Caxton FX to provide a bank direct payments facility to its consumer and business prepaid multi-currency card customers.

Caxton FX is an international expert in foreign exchange. Its multi-currency cards and international bank transfer services are used by 750,000 private and business customers, and in 2017 Caxton FX processed 7.3 million transactions and transferred more than €1 for every man, woman and child on the planet.

Integration with Token’s platform enables Caxton’s customers to load their prepaid multi-currency cards with funds directly from their bank accounts via Caxton’s mobile app, making the cardholder’s loading experience significantly faster and more convenient than before. In the process, both Caxton and its customers also benefit from dramatically reduced costs, instant payments and increased security.

Routing the customer payment via Token instead of using conventional debit card rails decreases the cost of payment acceptance by over 50% and enables instant processing. Previously, customer loaded funds could take up to three days to clear. This new settlement time frame is significant for Caxton as it improves cash flow management.

Marten Nelson, Co-founder and CMO, Token, comments: “When done right, open banking represents the biggest opportunity for banks and financial service providers in the last 50 years. Its real power lies in enabling new levels of customer-centric products and services. For Caxton FX, this begins by offering a refreshingly simple and convenient way for new customers to load their cards. For the wider industry, the possibilities are endless. Our partnership with Caxton reinforces our commitment to all players in the digital ecosystem; we exist to help them lower costs and deliver an amazing, market-differentiating experience to their customers, through a rich, yet simple integration.”

Rupert Lee-Browne, CEO, Caxton FX, adds: “We are delighted to be working with Token on this highly innovative solution to open banking. The team at Token have been great to work with and we are very excited to be rolling this particularly useful feature out to our customers.”

Token’s unique technology platform ensures that only a representation of the cardholder’s sensitive payment data is ever transmitted, in the form of a Smart Token. These tokens can be re-used without any security degradation, meaning that the requirement to manually approve every payment is negated from the loading process, increasing efficiency.

Caxton FX and Token are embarking on a phased roll out of Token’s payment service, which begins with consumer cardholder onboarding in Q3 2018. The ability to load cards directly from bank accounts will be made available to the thousands of customers who join Caxton FX each month, as well as Caxton’s business multi-currency cardholders.

Token is seeing demand from a range of industries and is actively engaged with customers to help them capitalise on open banking through a variety of different use cases. Banks, merchants and developers interested in accessing any bank via a single API should contact Token at

Visit Token at Money 2020 Europe in Amsterdam 4-6th June on stand D30. Contact the team at to arrange a meeting.

Media Contacts

Beckie Richardson | | +44 (0)113 350 1922

June Field | | 0207 042 7648

About Token

Token is a technology company with headquarters in San Francisco and offices in London and Berlin. 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. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Token is authorised as an AISP and as a PISP by the FCA in the UK.

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 ground-breaking 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.

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About Caxton FX

Caxton is a market leading international payments company. Based in London, we’ve been pioneers in currency services since its entrepreneurial start up in 2002. We were the first to launch currency cards with bank-beating rates, and constantly innovate our products to service our 750,000 private and business customers. Last year, we successfully processed 7.3 million transactions, while our annual turnover reached €1 billion.

Our customers trust what we do and recommend us to others. We have a Net Promoter Score of 78%. The business was recently awarded a 5-star rating by MoneyFacts for its customer focus, and holds a 9.2/10 score on Trustpilot, an independent customer reviews site.

Find out more on our website: or on Twitter and LinkedIn.