Token driving UK open banking payments expansion, research finds

Market share statistics by open banking platform Token has found the company is driving the adoption of open banking payments in the country.

According to Token, the firm’s market share figures are based on the transaction volumes of CMA9 – the nine largest banks in the UK.

The research found Token initiated 22% of all successful payment transactions in the UK during June 2021 and was also found to have captured 37% of all UK market growth for open payments year-to-date.

Furthermore, the research highlighted that the firm was responsible for 58% of all market expansion in the UK in the second quarter of this year.

Token has also quadrupled its market share for open payments from the CMA9 in the last half-year and was also able to achieve annualised payments value of €2.3bn.

Elsewhere, Token recently partnered with BNP Paribas to launch the first single euro payments area Instant immediate payments offering for European merchants, known as BNP Paribas Instanea.

Earlier in 2021, Token established a new EU-based headquarters in Germany and was granted official authorisation by the German Federal Financial Supervisory Authority BaFin. According to Token, this license can provide Token with the ability to provide payment initiation and account information services across Europe.

The research also highlighted, “In the three years since open banking became a regulatory requirement in the UK, API call volume has increased from 66.8 million in 2018 to 5.8 billion in 2020. Over 2.5 million UK consumers and businesses now use open banking-enabled products, which has caused the number of total payments to grow by over a 1000% since 2018.”

Token CEO Todd Clyde said, “At Token, we’re proud to be on the cutting edge of open banking technology. Our recent success at capturing market share and expanding to new markets indicates a very healthy future for Token, and for open banking in the UK and across Europe. As open banking reaches a critical tipping point, Token will continue to be at the forefront of the instant digital payment revolution.”

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