Turnkey open banking platform provider, Token, has pledged to connect banks, merchants and other third-party providers (TPPs) to any bank in the EU for PSD2 payment orders and account information requests.

Marten Nelson, Co-Founder and VP of Marketing, Token comments: “The goal of PSD2 is  to boost competition by letting customers choose who can access their data – this can not be achieved while everyone must contend with multiple bank-specific APIs. Developers can not write to more than one or two APIs, and TPPs can not resource the technical heavy lifting needed to integrate with them all. Token solves this problem by providing direct access to any bank in the EU. Right now, we’re connecting banks-to-banks, merchants-to-banks and TPPs-to-banks faster and with less friction than anyone else on the market, via our single, secure interface. Token is the only provider that can do this.”

“PSD2’s frontrunners are establishing how they can capitalise on the future abundance of bank-data, either to create new services, or support those developed by TPPs,” adds Nelson. “This whole approach relies on them being able to connect to their customers’ banks in the first place. In 2018, the market will develop fast, so the ability to connect to any EU bank quickly and securely has to be a priority for everyone in the industry.”

Token’s developer-centric approach has already attracted hundreds of developers and TPPs, who are now creating apps and services that run on TokenOS. Some examples are e-commerce checkout, in-purchase lending, PFM apps, multi-bank account aggregation and sweeping of funds and many more. 

Camilla Sunner, Managing Director at payments solutions provider, Valitor, added: “The payments landscape is moving quicker than ever before. Token is an invaluable partner to help others take advantage of that change. As a result of Valitor’s partnership with Token, Valitor can now focus on delivering the next generation of payments.  We focus on building value added services, and after a simple integration they enable back-end bank-to-bank access. Together we help drive the market into the world of open banking.”