Token opens London office

Based on programmable tokenisation technology, Token’s crypto-payment network puts banks in sole control of the entire digital payments chain, delivering instant compliance to the EU’s PSD2 regulation and reversing the partner-led disintermediation that has threatened banks’ businesses for the last decade.

Token’s ‘banking-as-a-platform’ leverages each bank’s policies and procedures and integrates with their core system APIs to provide a springboard into the execution of cryptographically secure, PSD2 compliant digital transactions. Based on proprietary and patent-pending programmable tokenisation technology, Token’s new payment rail frees banks from the ‘shared secrets’ model of transaction security, where sensitive information like OAuth tokens, account PANs or usernames and passwords are used to authenticate users. Since Token eliminates the need for payment partners, it also enables banks to reduce transaction costs and avoid sharing precious customer data with third parties, despite the onset of PSD2.

Token has raised millions of dollars from Google, Facebook and Tesla executives, together with two VC firms: PlugAndPlay Ventures and Digital Currency Group. Token’s integration partner is CGI. Its rules and regulations partner in the US is NACHA.

Token is headquartered in Silicon Valley and is quickly expanding internationally, in line with customer demand.