Fidor and Token join forces on a MOU

When the revised European directive on Payment Services, PSD2, comes into force, banks will be required to grant third party providers access to their customers’ data. In this context, banks must now establish how they will accomplish this task while ensuring their data remains highly secure throughout the process.

Fidor OS, Fidor’s digital banking and open community middleware solution, will make use of Token’s software, enabling banks to offer secure digital payment services to third parties. Furthermore, the platform can use Token to generate new sources of revenue from Payment Initiation Service Providers (PISPs) via the execution of digital transactions and fulfilment of account data requests. This puts banks in total control of the digital transaction chain, mitigating disintermediation from today’s payment-enabling third parties, like payment schemes and token service providers.

Token is a crypto-payment software provider that enables banks to establish dominance in the digital transactions market. The provider combines smart tokenisation and public-key cryptography to provide simple and secure transaction-based open banking API.