Mastercard selects Token.io as a partner for its new open banking hub
Token provides pan-European access to banks, exceptional UX, enhanced security and richer functionality for businesses and consumers.
Turnkey open banking platform provider, Token.io Limited, today announces it has been selected by Mastercard to power the connectivity layer of its open banking hub. The hub will connect merchants, retailers and other regulated third parties to financial institutions in Europe for data and payment transactions.
Further to the announcement in June 2018, Mastercard’s services will include:
A pan-European directory to help financial institutions ensure that Third Party Providers (TPPs) seeking access to a customer’s account are legitimate and hold the appropriate regulatory status;
A dedicated dispute resolution mechanism; and
A connectivity hub.
Jim Wadsworth, Senior Vice President, and leading the development of Mastercard’s Open Banking offering, says: “Open banking has the potential torevolutionise how we all interact with financial services. Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”
Steve Kirsch, Founder and CEO, Token added: “Fragmentation and a lack of consistency in third party access are creating complexity in open banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform to address these issues at scale and together accelerate the global adoption of open banking.”
Token has been selected as a partner to launch the connectivity hub, which will deliver secure connectivity between third parties’ and financial institutions’ APIsusing Token’s operating system, TokenOSTM.
Token.io Limited is authorised as an Account Information Service Provider (“AISP”) and as a Payment Initiation Service Provider (“PISP“) by the Financial Conduct Authority in the UK. Last year it made history by becoming the first and only PISP to successfully conclude testing with the CMA9, and has since completed integration into all of the UK Open Banking APIs for both data and payment initiation.
TokenOS delivers flexible, open APIs and programmable money technology, together with the operational support, consent management, monitoring and reporting required to manage and develop new services.
For further information about Token.io, and how its technology enables banks and financial institutions to deliver PSD2 compliance and generate new open banking revenue streams, visit: www.token.io.
Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.