Token.io, the account-to-account (A2A) payment infrastructure provider has announced the expansion of its direct open banking connectivity network to Sweden, Norway, Denmark and Finland, where it now “offers Account Information Services (AIS) and Payment Initiation Services (PIS) services.”
This unlocks new opportunities “for Payment Service Providers (PSPs), including leading payment platform Paysafe, which has expanded its coverage with Token.io to offer consumers and merchants a frictionless service in Denmark.”
Paysafe’s A2A payment capabilities (otherwise known as Pay by Bank) allow customers “to pay merchants securely and directly from their bank account using their online banking to authenticate the payment.” The purchase or account top up “takes place immediately and directly through the website or the gateway of the merchant.”
Todd Clyde, Chief Executive Officer of Token.io, 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.”
James Tiltman, VP Product, Alternative Payments, at Paysafe, 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.”
Open banking powered A2A payments “do not require registration, or tedious, error-prone data entry, making them faster and easier than cards and 3D Secure security protocols.”
End-users authenticate the payment “directly with their bank for a more frictionless experience that can also deliver higher success rates than cards.”
A2A payments are reportedly “the leading e-commerce payment method in Finland, and in Norway have become a key pillar of the online payments landscape.”
It is a similar situation in Sweden, where recent research “shows over 80% of people use A2A payments on a regular basis. Elsewhere, Denmark is primed for A2A payment update, with a mobile banking penetration rate of 94%.”
Token.io offers direct connectivity “for open banking-enabled payments and data access to a minimum of 80% of bank accounts in each of its 20 supported markets; the highest depth of connectivity penetration per market of any provider.”
Building and maintaining all of its bank connections in-house “enables the company to deliver optimal performance, highly responsive support and API-driven innovation.”