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News

EchoPay partners with Token.io

Tuesday 22 August 2023 13:14 CET | News

EchoPay, an A2A payments provider, has partnered with Token.io, an Open Banking payment infrastructure, aiming to bring A2A payments to wholesale merchants across the UK.

With this partnership and underpinned by Token.io’s connectivity for A2A payments, EchoPay will enable businesses to accept A2A payments at the point-of-sale (POS), providing an additional low-cost payment option with an immediate settlement and enhanced security.

Recent research conducted by EchoPay shows that the average wholesale transaction amounts to GBP 1.800, incurring average bank charges of GBP 18. Furthermore, since interchange for most commercial cards is not capped in the UK, wholesale merchants also face higher card fees than consumer-oriented merchants. By leveraging the benefits of Open Banking-enabled payments to eliminate intermediaries from the payment flow, EchoPay aims to reduce these charges and benefit wholesale merchants.

EchoPay's A2A payment solution can be installed on POS terminals as a custom tender, enabling merchants to generate QR codes for customers to initiate an A2A payment directly from their mobile phones. According to the press release, members of Unitas Wholesale, a UK independent wholesale buying group with more than 150 independent wholesale members, have reported seeing various benefits through EchoPay's solution. Moreover, Unitas anticipates saving its wholesale members up to GBP 5 million in banking charges in 2023, made possible via this partnership. Additional cost savings will derive from minimising the need to share or store sensitive card data, reducing Payment Card Industry Data Security Standard (PCI DSS) scope.

Furthermore, EchoPay's mission to streamline payments for wholesalers extends beyond the point-of-sale. EchoPay also enables Unitas merchants to accept A2A payments through a branded app or credit management dashboard, with support for payment requests through email or WhatsApp via a branded webpage. 

EchoPay, an A2A payments provider, has partnered with Token.io, an Open Banking payment infrastructure, aiming to bring A2A payments to wholesale merchants across the UK.

 

More about the Token.io and EchoPay 

Token.io helps payment providers grow their market share by aiming to provide an easy and smooth way to launch Pay by Bank as a core payment method globally. Its complete payments infrastructure offers connectivity reaching over 567 million bank accounts in 16 countries. Token.io's solution is used by various partners, which collectively process payments for merchants worldwide, including HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, and more.


In July 2023, Token.io partnered with a payment processor, Total Processing, to offer Open Banking-enabled payments to European customers. With this partnership, Total Processing was set to leverage Token.io’s connectivity network and platform which offers an efficient way for payment providers to launch Pay by Bank as a core payment method. As per the press release, Token.io’s A2A payment infrastructure was set to enable Total Processing to launch its own A2A payment capabilities to its merchants across various industries leveraging its gateway.

In June 2023, the company launched virtual settlement accounts that enable payment providers to use A2A for ecommerce. The offering would enable payment providers to see real-time notifications of settlements while collecting and holding funds in various currencies. As a result, merchants would have visibility over the funds that they receive and, consequently, they would have the necessary assurance to instantly release goods and services.

EchoPay is an Open Banking payments provider for wholesalers and merchants. The company is helping major wholesalers such as United Wholesale Scotland, United Wholesale Grocers, and more reduce their banking charges. Additionally, the company also has a partnership with Unitas Wholesale, on track to save members GBP 5 million in 2023. 

 


Source: Link


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Keywords: partnership, account-to-account payment, Open Banking, paytech
Categories: Banking & Fintech
Companies: EchoPay, Token
Countries: United Kingdom
This article is part of category

Banking & Fintech

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EchoPay

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