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Token secures European Payments Authorisation from BaFin

Wednesday 14 April 2021 11:00 CET | News

Open Banking payments platform Token has received official authorisation by the German Federal Financial Supervisory Authority BaFin, according to the official press release. 

Token is now a licenced Payment Initiation Services Provider (PISP) and Account Information Services Provider (AISP) in Germany, with passporting rights planned for an additional 26 countries. The firm has also announced the establishment of its EU headquarters in Berlin. From its new location, Token will continue to empower European enterprises to drive the shift from card payments to faster, lower cost, and more secure account-to-account (A2A) payments.

By providing API connectivity to thousands of European banks, Token delivers Open Banking payments functionality to merchants, PSPs, and banking-as-a-service platforms. Token’s stack of A2A payment services include funding an account, paying off debt via loan or credit card repayments, paying bills, and other ecommerce payments. Complimentary open data use-cases include customer onboarding and insights, accounting package integration, credit risk analysis, and cash flow management. 

In April 2021, Token announced USD 15 million in Series B funding with investment from international companies SBI Investment, Sony Innovation Fund by IGV, and existing partners. Recent Token customer announcements include BNP Paribas and the launch of BNPP Instanea for merchants, the European PSP Contis, and the Banking-as-a-Service provider OpenPayd. Token customer HSBC has also launched its fast and secure alternative to online payments, HSBC Open Payments.


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Keywords: token, Open Banking, account-to-account payment
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Germany
This article is part of category

Banking & Fintech