Token.io has teamed up with Santander UK, a subsidiary of Banco Santander.
Santander UK will leverage Token.io’s open banking connectivity and infrastructure to enable account-to-account payments for credit card repayment.
Founded in 2015, Token.io most recently demoed its technology on the Finovate stage at FinovateEurope 2017.
Account-to-account (A2A) payment infrastructure company Token.io has forged a partnership with Santander UK.
The goal of the collaboration is for the bank to leverage Token.io’s open banking connectivity and infrastructure to enhance the customer experience and develop new, real-time payment solutions. Santander will first use Token.io’s infrastructure to enable direct payments from external bank accounts as an option for credit card repayments, creating a more seamless payment experience compared to both direct debit and manual bank transfer. These direct account-to-account payments for card repayments also support biometric Strong Customer Authentication (SCA) for payments made on mobile devices.
“We are thrilled to partner with Santander, a forward-thinking institution committed to driving open banking innovation and enhancing the experience of millions of customers,” Token.io CEO Todd Clyde said. “Token.io’s technology, combined with Santander’s dedication to exceptional service, will undoubtedly set new standards for how financial institutions leverage open banking to create innovative value propositions that meet the evolving needs of consumers and businesses.”
A subsidiary of Banco Santander, Santander UK has more than 14 million customers in the U.K. The bank offers mortgages, auto financing, unsecured loans, credit cards, banking, savings and investment accounts, as well as insurance products. In addition to using Token.io’s technology to support its A2A offering, Santander UK also plans to leverage the fintech’s infrastructure to enhance its real-time money movement capabilities for its retail banking customers.
This week’s news from Token.io comes just days after the U.K.-based fintech announced that it had expanded its partnership with global payments platform Ecommpay. The global payments platform added Token.io’s virtual accounts in four new markets — France, Ireland, the Netherlands, and Spain — to its Open Banking Advanced solution. The virtual accounts will enable e-commerce companies to get real-time settlement confirmation and make API-powered refunds or payouts, boosting both the speed and efficiency of transactions.
“Our partnership with Ecommpay continues to demonstrate the immense potential of open banking in transforming payment experiences and also highlights the opportunities that PSPs can realize when they embrace innovative, customer-centric solutions,” Clyde said.
Token.io made its Finovate debut at FinovateSpring 2015 and returned to the Finovate stage two years later at FinovateEurope in London. The company provides direct connectivity to more than 567 million bank accounts in 20 markets. Token.io’s customers include HSBC, BNP Paribas, and Global Payments, as well as fellow Finovate alums Mastercard and ACI Worldwide. The company has raised $90 million in funding according to Crunchbase, most recently securing a Series C investment of $40 million in 2022.
Photo by Markus Spiske
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Conclusion
Collaboration and innovation in the fintech industry continue to drive new solutions and opportunities for customers. The partnership between Token.io and Santander UK is a testament to the power of open banking connectivity in revolutionizing the payments landscape. By leveraging Token.io’s infrastructure, Santander UK aims to provide seamless account-to-account payment options for credit card repayments, enhancing the overall customer experience. This partnership not only benefits Santander UK customers but also sets a new standard for how financial institutions can leverage technology to meet the evolving needs of consumers and businesses.
Additionally, Token.io’s expansion of partnerships with companies like Ecommpay highlights the growing importance of open banking in transforming payment experiences and enabling real-time, efficient transactions. As the fintech industry continues to evolve, collaborations like these pave the way for more innovative and customer-centric solutions that drive value for all stakeholders involved. With Token.io’s track record of success and commitment to technological advancements, we can expect to see more groundbreaking developments in the future that shape the future of finance.
