Token.io Partners with Mastercard for its New Open Banking Hub
Token.io recently announced that it has been selected by Mastercard to power the connectivity layer of its open banking hub. This hub will connect retails, merchants and other regulated third parties to financial institutions in Europe for data and payment transactions.
The company took to Twitter to share its excitement with,
“Proud to announce our partnership with Mastercard to power the connectivity layer of its new Open Banking hub. Together we will accelerate adoption of the new era of banking and revolutionise how we all interact with financial services.”
Headquartered in San Francisco, Token is an open banking platform that helps banks achieve PSD2 compliance in a cost-effective and timely manner.
The platform increases security and reduces fraud and disintermediation while offering banks, merchants and payment processors to build direct bank payment methods for their customers.
“Open banking has the potential to revolutionise 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,” said Jim Wadsworth, Senior Vice President, and leading the development of Mastercard’s Open Banking offering.
Token.io is authorized as a Payment Initiation Service Provider (“PISP“) and Account Information Service Provider (“AISP”) by the Financial Conduct Authority in the UK.
Steve Kirsch, Founder and CEO, Token shared, “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.”
The company has been selected as a partner to launch the connectivity hub that will be delivering secure connectivity between third parties and financial institutions’ APIs by using TokenOS, the operating system of Token.
Last year, the company reportedly made history by becoming the first and only Payment Initiation Service Provider (PISP) to successfully conclude testing with CMA9 and has
“since completed integration into all of the UK Open Banking APIs for both data and payment initiation.”