EchoPay and Token.io have partnered to offer “account to account” (A2A) payments for wholesale merchants in the UK.
Token.io is an open banking provider for the payments industry. The company reports that it processes payments for millions of merchants worldwide, including HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, Nuvei, and Paysafe.
EchoPay is an open banking firm providing services to wholesalers and builders merchants. EchoPay enables businesses to accept A2A payments at the point of sale, providing a low-cost payment option with instant settlement.
EchoPay says that the average wholesale transaction in the UK amounts to £1,800, incurring average bank charges of £18. Additional card fees typically apply as well. EchoPay says that it can significantly reduce these charges, helping wholesale merchants.
James Ward, CEO and founder of EchoPay, said their mission is to improve profitability for their users by reducing 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.”
Ward added that open banking payments represent an opportunity for merchants with a fast 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.”
Todd Clyde, CEO of Token.io, described the launch of EchoPay as a big step forward in Pay by Bank at the point of sale. Clyde said that beyond the cost savings, customers settle instantly, creating better cash flow.
