Token.io, a leading account-to-account (A2A) payment infrastructure provider, has expanded its influential open banking network across Europe. Working alongside Paysafe, a prominent payment platform, the two companies aim to redefine the payment landscape in Scandinavia.
The primary motivation behind this partnership is to enhance open banking connectivity in Sweden, Norway, Denmark, and Finland. This expansion offers innovative Account Information Services (AIS) and Payment Initiation Services (PIS), presenting new opportunities for Payment Service Providers (PSPs) in these regions.
Token.io provides an industry-leading open banking connectivity network, covering 20 markets with a minimum of 80% account coverage in each. Their services enable direct open banking payments and data access. Paysafe, on the other hand, boasts A2A payment capabilities, allowing customers to directly and securely pay merchants from their bank accounts using online banking authentication.
Paysafe has expanded its relationship with Token.io to provide consumers and merchants in Denmark with a seamless service. This collaboration ensures that customers can experience frictionless payments, immediately processing purchases or account top-ups through the merchant’s website or gateway.
A2A payments stand as a dominant e-commerce payment method in Finland, and they have gained significant traction in Norway’s online payments landscape. Sweden sees a similar trend, with over 80% of its population using A2A payments frequently. In Denmark, the potential for A2A payments is high, given the country’s impressive 94% mobile banking penetration rate.
Token.io prides itself on providing direct connectivity for open banking-enabled payments, boasting the highest connectivity penetration in each of its markets. They also manage all bank connections in-house, promising optimal performance and innovative API-driven support.
Token.io Chief Executive Officer Todd Clyde said, “The expansion of Token.io’s connectivity network in Scandinavia demonstrates our commitment to contributing to the evolution of the European payments landscape. Not only are we committed to enabling the growth of customers like Paysafe, it’s our mission to enable Pay by Bank to become a mainstream payment method so that more merchants and consumers can benefit from better payment experiences.”
Paysafe VP Product, Alternative Payments, James Tiltman said, “We are excited to expand our relationship and coverage with Token.io, utilising its bank integration infrastructure to fuel our Pay by Bank solution. The recent boom of open banking is nothing short of a revolution, empowering consumers with seamless transactions, control over their financial data, and a plethora of innovative services.”
Chief Product Officer at Token.io, Charles Damen said, “Token.io enables payment service providers (PSPs) like Paysafe to offer a pan-European A2A payment method through a single integration to our API. With Scandinavia representing one of the most exciting markets for instant and account-to-account payments, this is a significant move that will unlock new opportunities for Token.io and our customers.”
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