Following this announcement, the company will expand its services to Sweden, Norway, Finland, and Denmark, regions where customers will be enabled to benefit from its Account Information Services (AIS) and its Payment Innovation Services (PIS). In addition, the expansion will enable new opportunities for Payment Service Providers (PSPs), including the payment platform Paysafe, which has expanded its coverage with Token.io in order to deliver clients and traders a frictionless and secure solution in Denmark.
Paysafe’s A2A payment offerings (Pay by Bank) will allow users to pay merchants directly and safely from their bank accounts while using their online banking to authenticate the transaction. Following this step, the purchase or account top-up will take place immediately and directly through the website or the gateway of the trader. In addition, the collaboration aims to contribute to the overall development of the European payments landscape.
Open Banking powered A2A payment does not require registration or data entry, making the payment experience faster and easier. End-users authenticate the payment directly while using their bank, aiming to deliver a higher success rate than cards.
Token.io had multiple collaborations and launches in the last couple of months, covering several different geographic areas around the world.
In August 2023, the A2A payments provider EchoPay announced its partnership with Token.io in order to bring A2A payments to wholesale merchants and traders across the region of the UK. Throughout this collaboration, EchoPay was set to be underpinned by Token.io’s connectivity for A2A payments and to enable businesses to accept A2A transactions at the point-of-sale (POS). This aimed to provide an additional low-cost payment method for customers, with an immediate settlement and optimised security.
EchoPay’s A2A payment service could be installed on POS terminals as a custom tender, which allowed traders and merchants to generate QR codes for clients in order to initiate an A2A payment directly from their mobile devices. Members of Unitas Wholesale, a UK independent wholesale buying group with more than 150 independent wholesale members, benefited from the solution, according to the press release published at the time.
Earlier in July 2023, the payment processor Total Processing announced its collaboration with the A2A payment infrastructure provider in order to deliver Open Banking-enabled payments to European customers and clients.
Following this collaboration, Total Processing aimed to offer its merchants improved and secure technology and solutions. The company was also set to leverage Token.io’s extensive connectivity network and platform in order to offer a fast and efficient way for payment providers to launch Pay by Bank as a core payment service. For more information about Token.io, please check out their detailed profile in our dedicated, industry-specific Company Database.
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