thinkmoney Chooses Token for PSD2 Compliance

thinkmoney Chooses Token for PSD2 Compliance

Integrating Token’s infrastructure delivers open banking capabilities; reduces cost and time of API development and testing.

10 December 2018 – Turnkey open banking platform provider, Limited, has been chosen by UK financial institution thinkmoney to deliver PSD2 compliance and open banking capabilities before the first Regulatory Technical Standards (RTS) deadline in March.

thinkmoney is the innovative current account that offers customers budgeting and money management coaching. The firm is integrating TokenOSTM into its banking platform to establish PSD2 compliance and enable the systems flexibility required for it to develop new value-added open banking services in the future, such as bank direct payments and account aggregation.

thinkmoney operates in a highly competitive, evolving financial market segment whose customers value help with budgeting and depend on fast, mobile access to banking services. thinkmoney customers rely on its current account as a hub to manage all their finances, allowing them total visibility of bills and payments to know exactly what they have available to spend. This means that customer experience must be seamless, with guaranteed access and intuitive self-service interfaces that help customers manage their money properly, so they can improve their credit score and enhance their financial wellbeing.

Michael Aldred, Managing Director at thinkmoney, comments: “With Token, we have a partner that can help us navigate the open banking landscape. We’re committed to simplicity and transparency and want to give our customers peace of mind that, with us, their data and money is in safe hands. Token has readied us for compliance at a fraction of the cost of other suppliers. We’re now able to look beyond PSD2 and can begin harnessing open banking to deliver new experiences and services to our customers.”

Following amendments to the RTS, European banks have until 14th March 2019 to develop a dedicated interface ready for external testing by Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs). Those that are not ready must instead provide a contingency mechanism, such as a web-based online or mobile interface for TPP screen scraping.

Marten Nelson, Co-founder, Token, adds: "Banks across Europe now have three months to ready their interfaces for testing. Just because the regulatory deadline is looming, however, doesn’t mean they have to compromise on security or customer experience with shortcut options like screen scraping. thinkmoney’s long-term vision is to use open banking to deliver value to customers and support innovation. With TokenOS integrated, it need not worry about PSD2 compliance, and can focus on using the tools to develop new services instead. That’s the aim of our technology; to empower our customers to capitalise fully on open banking, free from the burdens of compliance and technical integration.”

With TokenOS, thinkmoney can connect to any bank in Europe and has access to crypto-based security, open APIs and programmable money technology, together with the operational support, consent management, monitoring and reporting needed to succeed. The integration has relieved a variety of technical pain-points and is already delivering significant cost savings. Compared to alternative open banking solutions available, TokenOS is on average 70% less expensive to implement.

Before the RTS deadline, thinkmoney will have access to developer tools to build and access a range of new applications. This includes the ability to aggregate account information from multiple external sources, initiate bank direct payments and partner with developers to offer a frictionless and highly secure consumer payment experience, while also reducing the cost of payment acceptance.

For further information about, and how its open banking infrastructure enables PSD2 compliance and new revenue streams for banks, visit:

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. Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.

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.

For further information, please consult: or follow us on Twitter: @token_io and LinkedIn.

About thinkmoney

thinkmoney provides hassle-free digital banking to anyone who needs or wants an alternative to the high street banks. Since 2001 it has been helping customers stay on top of their finances with the thinkmoney Current Account – a current account which combines the convenience of online and app based banking with a unique budgeting service.

The account automatically splits customers’ money into two separate pots – one for bills and one for spending money – empowering them to pay all their bills on time and keep their finances in good shape. Every year for the past eight years, the thinkmoney Current Account has been awarded a four star Fairbanking Mark to recognise that it is good for customers’ financial wellbeing.

Designed to take the stress out of budgeting, the thinkmoney Current Account gives customers round-the-clock banking, easy-to-use online services, and the peace of mind that their bills are taken care of every month.

For further information, please visit or follow us on Twitter: @thinkmoney

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