Following this announcement, Ecommpay has added Token.io’s virtual accounts in four new markets (including the Netherlands, Spain, France, and Ireland) to Ecommpay Open Banking Advanced, which will deliver important cash-flow and client experience benefits for ecommerce companies and businesses.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries.
With the A2A payment market being expected to grow significantly, Ecommpay is committed to delivering solutions that will enable ecommerce traders to capitalise on this opportunity. The strategic deal with Token.io, which powers Ecommpay’s Open Banking payment tools in the UK and Europe, has been extended in order to include local settlement IBANs for customers in the Netherlands, Spain, France, and Ireland. The product optimisation will also eliminate the risk of IBAN discrimination, which can also slow down payment settlement while facilitating faster acceptance of funds through SEPA Instant as well.
Being available in Ecommpay’s Open Banking Advanced product, virtual accounts will enable ecommerce businesses to receive real-time settlement confirmation, while also making API-driven refunds or payouts, which will improve the speed, security, and efficiency of transactions.
Virtual cards will also provide local IBANs in more markets, which will reduce the possibility of payment discrimination. This process will take place while leveraging Open Banking for payments and faster acceptance of funds through SEPA Instant.
Furthermore, the partnership represents an important step in Ecommpay’s commitment to driving financial inclusion and optimising local payment experiences. By utilising Token.io’s direct bank connectivity, Open Banking payments will be available to be leveraged by nearly anyone with a bank account in the region of Europe.
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