Open banking payments platform Token has inked a deal with the European payments venture Contis to integrate their services with each other.
For instance, the deal will enable Contis’ customer to use Token’s merchant, digital wallet and payment service providers services to perform account pay-outs and refunds via the Token platform using established payment rails, such as Faster Payments in the UK, SEPA and SEPA Instant across the EEA.
“Partnering with Contis enables Token to extend the payments functionality we deliver to our merchant, digital wallet and PSP customers,” comments Todd Clyde, CEO of Token. “Token’s vision is to drive the shift from traditional payment methods to bank payments by enabling the companies that make payments happen. Currently, it isn’t possible to perform wallet pay-outs or issue refunds using open banking APIs.
“Contis allows us to deliver this functionality efficiently and inexpensively across a host of different rails. It also gives us access to payments processing, merchant accounts and FX services all inhouse. This breadth of capability provides terrific scope for us to develop new points of value for payment providers in the future.”
Peter Cox, executive chairman of Contis, added, “Putting Token’s open banking services together with Contis’ digital payment solutions provides huge opportunities for innovation. Contis’ end-to-end platform and alternative account technology enables every company to build their own bespoke payments solution.
“Now that these solutions can leverage Token’s pan-European bank connectivity, they can help corporates to drive down costs by using account-to-account payments. By procuring each other’s services in this rare two-way partnership, both our organisations have strengthened our propositions and will continue to drive growth.”
Copyright © 2020 FinTech Global