Open banking payments platform, Token, has united with Contis, the European payments provider, in a strategic partnership that will create new value for payment service providers (PSPs), banks and merchants across Europe.
To complement Token’s value-added stack of open banking payment services, the firm’s partnership with Contis will enable Token’s merchant, digital wallet and PSP customers to perform account pay-outs and refunds via the Token platform using established payment rails, such as Faster Payments in the UK, SEPA and SEPA Instant across the EEA.
Todd Clyde, CEO, Token commented: “Partnering with Contis enables Token to extend the payments functionality we deliver to our merchant, digital wallet and PSP customers.
“Token’s vision is to drive the shift from traditional payment methods to bank payments by enabling the companies that make payments happen. Currently, it isn’t possible to perform wallet pay-outs or issue refunds using open banking APIs. Contis allows us to deliver this functionality efficiently and inexpensively across a host of different rails. It also gives us access to payments processing, merchant accounts and FX services all inhouse. This breadth of capability provides terrific scope for us to develop new points of value for payment providers in the future.”
In parallel, Contis’ partnership with Token will enable its corporate customers to realise the many benefits of open banking, including driving down the cost of payment initiation with Token’s account-to-account payments and data services, which offer unrivalled API connectivity to over 3,000 banks across Europe.
Peter Cox, Executive Chairman atContis added: “Putting Token’s open banking services together with Contis’ digital payment solutions provides huge opportunities for innovation.
“Contis’ end-to-end platform and alternative account technology enables every company to build their own bespoke payments solution. Now that these solutions can leverage Token’s pan-European bank connectivity, they can help corporates to drive down costs by using account-to-account payments. By procuring each other’s services in this rare two-way partnership, both our organisations have strengthened our propositions and will continue to drive growth.”