Token.io Expands Account-to-Account Payment Infrastructure to Scandinavia

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Token.io, the leading account-to-account (A2A) payment infrastructure provider, has expanded its network to include Sweden, Norway, Denmark, and Finland. This will allow the provider to offer Account Information Services (AIS) and Payment Initiation Services (PIS) in these regions.

Unlocking New Opportunities for PSPs

This expansion opens up new possibilities for Payment Service Providers (PSPs), such as Paysafe. Paysafe has broadened its coverage with Token.io to provide frictionless services in Denmark. Paysafe’s A2A payment capabilities, also known as Pay by Bank, allow customers to pay merchants securely and directly from their bank account using their online banking to authenticate the payment. The transaction or account top-up takes place immediately and directly through the merchant’s website or gateway.

Todd Clyde, Chief Executive Officer of Token.io, stated that the expansion of Token.io’s connectivity network in Scandinavia shows their commitment to contributing to the evolution of the European payments landscape. They are dedicated to enabling the growth of customers like Paysafe and making Pay by Bank a mainstream payment method for more merchants and consumers to enjoy improved payment experiences.

Fueling the Pay by Bank Solution

James Tiltman, VP Product, Alternative Payments, at Paysafe, expressed excitement about expanding their relationship and coverage with Token.io, using its bank integration infrastructure to fuel their Pay by Bank solution. According to Tiltman, the recent surge in open banking represents a revolution that empowers consumers with seamless transactions, control over their financial data, and access to innovative services.

Open banking-powered A2A payments do not require registration or complex data entry, making them faster and more straightforward than cards and 3D Secure security protocols. Users authenticate the payment directly with their bank for a smoother experience that can also offer higher success rates than cards.

Pan-European A2A Payments through Token.io

Charles Damen, Chief Product Officer at Token.io, highlighted that the platform enables PSPs like Paysafe to provide a pan-European A2A payment method through a single integration to their API. By leveraging open banking for A2A payments, PSPs can offer smoother payment experiences with high success rates.

Token.io’s move into Scandinavia, one of the most exciting markets for instant and A2A payments, will unlock new opportunities for the company and its customers. A2A payments are the leading e-commerce payment method in Finland, and in Norway, they have become a crucial part of the online payments landscape. In Sweden, recent research shows over 80% of people regularly use A2A payments. Meanwhile, Denmark is ripe for A2A payment update, with a mobile banking penetration rate of 94%.

Token.io offers direct connectivity for open banking-enabled payments and data access to at least 80% of bank accounts in each of its 20 supported markets, which is the highest depth of connectivity penetration per market of any provider. The company builds and maintains all of its bank connections in-house, enabling it to deliver optimal performance, highly responsive support, and API-driven innovation.