Token’s connectivity network now covers 16 markets, reportedly offering greater market penetration than any other provider. Token’s direct API integrations to banks for both PIS and AIS, allow payment providers to offer a pan-European A2A payment method through a single integration to Token’s API, reducing integration costs and offering more efficient payment services, according to the official press release.
Reportedly, Open Banking payments offer merchants cost savings of 2-20x compared to traditional payment methods and settle instantly, improving cash flow, with incoming funds allocated for faster reconciliation. End-users authenticate payments directly with their bank for a better experience with higher success rates than cards. Token’s transaction volumes grew 250% in Europe in 2022, and the expansion into Romania is expected to drive further growth, the press release continues.
The expansion into Romania marks Token’s second new market launch in as many months, as part of the continued expansion of its Open Banking footprint. The Romanian market seems to offer significant potential for Open Banking adoption with 11 million users of Open Banking services in Central and Eastern Europe predicted to exceed 50 million by 2027. The market of Romania has a significant domestic population, and Token’s launch offers businesses an opportunity to tap into the thriving Open Banking payments market, which is predicted to surpass USD 13.9 billion in Central and Eastern Europe within the next four years, the press release states.
According to Todd Clyde, Token's Chief Executive Officer, Token seeks to make Open Banking payments a Pan-European and mainstream payment method. As one of the few providers offering connectivity in Romania, Token believes that businesses can now deliver the benefits of Open Banking services to this unique market. Token continues to expand its product portfolio with upcoming developments that aim to broaden the use cases for Open Banking payments in Europe while improving the end-user experience to drive higher Open Banking payment success rates.
Token’s expansion into Romania offers new opportunities for global payment providers to tap into the Open Banking payments market. The Romanian market offers significant potential for Open Banking adoption, and Token’s launch offers businesses the opportunity to deliver the benefits of Open Banking services to this unique market, the press release concludes.
In February 2023, Token expanded to Italy to provide the company’s Account Information Services (AIS) and Payment Initiation Services (PIS) to customers in the country.
As part of the Open Banking and Open Finance Report 2023, The Paypers sat down with Todd Clyde, CEO of Token, to explore the trajectory of Open Banking payments, from an alternative to a mainstream form of payment, to VRPs and beyond. We encourage you to download the report to find out more about Open Banking and Open Finance.
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