This collaboration enables Flutterwave to give its African ecommerce merchants enhanced access to UK and EU customers, while Token.io leverages Flutterwave's presence in Africa to enable a Pay By Bank method for businesses in the continent.
Powered by Open Banking, Token.io’s A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow their market share. Token.io offers high performing and deep connectivity for Open Banking-powered A2A payments, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.
Officials from Flutterwave said that their partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money. By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy.
Also commenting on this agreement, Token.io’s representatives stated that they're confident that their infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East, and Africa corridors. This partnership underscores their commitment to enabling payment providers to grow with Open Banking-powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.
Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3 of 2023. This will further simplify money transfer for Africans in the UK/EU looking to send money back home.
A2A payments (also called ‘Pay By Bank’) are a fast and secure way to move money between bank accounts. Open banking powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.
Token.io’s A2A payment infrastructure powered by Open Banking and built for the payments industry. With a simple and fast way to launch Pay by Bank as a core payment method globally, Token.io’s complete infrastructure solution helps payment providers grow their market share in the face of the continued shift from cards to APMs.For more information about Token, please check out the company profile in The Paypers Company Database.
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