Turnkey open banking platform provider, Token.io Limited, announced on Monday it has formed a partnership with digital-first challenger bank Tandem Bank to achieve PSD2 compliance and leverage open banking opportunities. According to Token.io, Tandem is now looking to look beyond core compliance, developing innovative new services that make use of new opportunities around payments. While sharing more details about the collaboration, Ricky Knox, CEO, Tandem, stated:
“So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently. This means we can focus our efforts on differentiating ourselves with an improved user experience – leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”
Token.io also reported that Tandem has the option of using Token BankPay to enable frictionless bank direct payments and Token Connect to expand its catalog of aggregated banks through a single integration.
“Token’s solutions will allow Tandem to comply with PSD2 quickly and efficiently, enabling the bank to invest its time and capital into improving user experience and offering innovative new open banking services to customers.”
Steve Kirsch, Founder and CEO, Token went on to add:
“Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products. Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”
Token will notably provide Tandem with a turn-key PSD2 API, as well as outsourced TPP management, certification and support, which is significantly more cost effective than alternatives. Token’s PSD2 solution is on average 70% less expensive to implement than other products currently available.