Token.io joins SPAA scheme

Through participation in the SPAA scheme, Token.io intends to contribute to the expansion of payment functionalities underlined in the scheme’s rulebook and Minimum Viable Product for banks and TPPs, including Dynamic Recurring Payments and Payment Certainty Mechanisms. This focuses on extending the use cases for instant bank payments to include one-click checkout and point-of-sale payments. The introduction of these additional payment capabilities aims to deliver benefits to payment service users across the EU while increasing competition with established payment methods, enabling banks to develop new revenue streams, and solidifying Europe’s position in digital payments globally.

According to Token.io’s officials, the company has been actively engaging with SPAA since its inception, with the scheme now having already established a clear business model for participants that benefits both banks and merchants. Considering that payment providers receive the ability to complement and monetise their investments in PSD2 and merchants obtain decreased fees for payment functionalities, there is an increased interest in leveraging SPAA functionality, especially Dynamic Recurring Payments (DRPs). Furthermore, the press release mentions that Token.io’s recent research shows that 83% of banks believe they can increase commercial upside from DRPs, while the majority of merchants aim to convert card payments to DRPs. As DRPs’ capabilities may allow it to become a cost-effective and efficient payment option for Europe, the company intends to support all participants in establishing their first trials.

The SPAA scheme was developed collaboratively by the European Payments Council (EPC), the retail payment industry, which was represented by the Euro Retail Payments Board, and it is supported by relevant EU institutions, including the ECB and the EC. The announcement solidifies Token.io’s commitment to providing improved capabilities for its users, with the company being officially listed as a scheme participant in the EPIC register as of the beginning of February 2024.

Token.io’s A2A payment infrastructure provides connectivity, reaching approximately 567 million bank accounts in 20 countries. Having flexible deployment options, including the ability to leverage the company’s licence, virtual settlement accounts, and conversion boosting payment authentication flows, payment providers can effectively launch and manage their Pay by Bank capabilities. Currently, Token.io’s solution is used to process payments for merchants globally by partners such as Global Payments, HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, Nuvei, and Paysafe.

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