News

Token enables Caxton FX to provide bank direct payments facility

Tuesday 5 June 2018 11:00 CET | News

Token has announced that it is enabling Caxton FX to provide a bank direct payments facility to its consumer and business prepaid multi-currency card customers.

Caxton FX is an international expert in foreign exchange. Integration with Token’s platform enables Caxton’s customers to load their prepaid multi-currency cards with funds directly from their bank accounts via Caxton’s mobile app, making the cardholder’s loading experience significantly faster and more convenient than before. In the process, both Caxton and its customers also benefit from instant payments security.

Routing the customer payment via Token instead of using conventional debit card rails decreases the cost of payment acceptance by over 50% and enables instant processing. Previously, customer loaded funds could take up to three days to clear. This new settlement time frame is significant for Caxton as it boosts cash flow management.

Token’s technology platform ensures that only a representation of the cardholder’s sensitive payment data is ever transmitted, in the form of a Smart Token. These tokens can be re-used without any security degradation, meaning that the requirement to manually approve every payment is negated from the loading process.


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Keywords: Token, Caxton FX, Open Banking, instant payments, cash management
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Countries: World