EchoPay, an Account-to-Account (A2A) payments provider, and Token.io, an open banking payment infrastructure leader, have announced their collaboration. Their joint effort aims to enhance the A2A payment experience for wholesale merchants across the United Kingdom.
The key drive behind this alliance is to leverage Token.io’s best-in-class connectivity to enhance EchoPay’s A2A payment capability. The outcome is a low-cost, instantaneous settlement solution for businesses, bolstering both security and payment efficiency at the point of sale.
EchoPay’s focus is on delivering an efficient A2A payment solution for businesses. Their method streamlines the payment process, enabling businesses to generate QR codes at the Point of Sale (POS) terminals, facilitating customers to initiate seamless payments from mobile devices.
Token.io, on the other hand, is a frontrunner in providing open banking payment infrastructure. Their proficiency in connecting systems is instrumental in establishing a robust foundation for A2A payment solutions like EchoPay.
Members of Unitas Wholesale, the UK’s most expansive independent wholesale buying group, have already witnessed substantial advantages through EchoPay’s solution, anticipating savings of up to £5m in banking charges this year. The benefits don’t end there; the elimination of sensitive card data storage reduces the Payment Card Industry Data Security Standard (PCI DSS) scope.
A2A payments, also known as ‘Pay by Bank’, offer a swift and safe mode for fund transfers between bank accounts. These open banking-powered payments come with built-in Strong Customer Authentication (SCA), providing a smooth payment method. This system promises superior success rates, especially beneficial for wholesale merchants given their higher average transaction figures.
EchoPay CEO and Founder James Ward said, “Our ambition is to help independent wholesalers across the country improve their profitability by reducing their banking charges. Our new partnership with industry leaders Token.io is an important step in enabling even more businesses to discover the benefits of open banking-enabled payments.”
James Ward added, “Open banking payments present an opportunity for merchants to offer their customers a fast and convenient alternative to traditional card payments. Transactions using EchoPay cost the wholesaler a flat rate. This is particularly valuable for wholesale merchants operating in a B2B environment with high average transaction values. With EchoPay, merchants can effortlessly generate QR codes to accept A2A payments at the point of sale, ensuring instant payment processing, improved cash flow, mitigated risk of chargebacks, and a clearer view of funds for customers.”
Token.io CEO Todd Clyde commented, “We are thrilled to partner with EchoPay to bring the benefits of Pay by Bank solutions to new verticals. The launch of EchoPay is a big step forward in making Pay by Bank available at the point of sale and expanding the benefits of A2A payments to more merchants. In addition to cost savings, Pay by Bank enables better cash flow as payments are settled instantly, and can also be allocated seamlessly for faster, easier reconciliation than invoicing and accepting bank transfers.”
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