In a move that marks another significant milestone for Token.io, the leading account-to-account (A2A) payment infrastructure provider has announced the expansion of its direct open banking connectivity network to Sweden, Norway, Denmark and Finland, where it now offers Account Information Services (AIS) and Payment Initiation Services (PIS) services. This unlocks new opportunities for Payment Service Providers (PSPs), including leading payment platform Paysafe, which has expanded its coverage with Token.io to offer consumers and merchants a frictionless service in Denmark.

Paysafe’s A2A payment capabilities (otherwise 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 purchase or account top up takes place immediately and directly through the website or the gateway of the merchant.

“The expansion of TokeAn.io’s connectivity network in Scandinavia demonstrates our commitment to contributing to the evolution of the European payments landscape,” comments Todd Clyde, Chief Executive Officer of Token.io. “Not only are we committed to enabling the growth of customers like Paysafe, it’s our mission to enable Pay by Bank to become a mainstream payment method so that more merchants and consumers can benefit from better payment experiences.”

“We are excited to expand our relationship and coverage with Token.io, utilising its bank integration infrastructure to fuel our Pay by Bank solution,” said James Tiltman, VP Product, Alternative Payments, at Paysafe. "The recent boom of open banking is nothing short of a revolution, empowering consumers with seamless transactions, control over their financial data, and a plethora of innovative services.”

Open banking powered A2A payments do not require registration, or tedious, error-prone data entry, making them faster and easier than cards and 3D Secure security protocols. End-users authenticate the payment directly with their bank for a more frictionless experience that can also deliver higher success rates than cards.

“Token.io enables payment service providers (PSPs) like Paysafe to offer a pan-European A2A payment method through a single integration to our API. By leveraging open banking for A2A payments, PSPs can offer smoother payment experiences with high success rates,” comments Charles Damen, Chief Product Officer at Token.io. “With Scandinavia representing one of the most exciting markets for instant and account-to-account payments, this is a significant move that will unlock new opportunities for Token.io and our customers.”

A2A payments are the leading e-commerce payment method in Finland, and in Norway have become a key pillar of the online payments landscape. It is a similar situation in Sweden, where recent research shows over 80% of people use A2A payments on a regular basis. Elsewhere, Denmark is primed 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 a minimum of 80% of bank accounts in each of its 20 supported markets; the highest depth of connectivity penetration per market of any provider. Building and maintaining all of its bank connections in-house enables the company to deliver optimal performance, highly responsive support and API-driven innovation.

Its expansion into Scandinavia is the latest in a series of milestones for the company. Token.io announced the launch of its Virtual Accounts product this summer, and was recently recognised with Juniper Research’s esteemed "Open Banking Innovation Platinum Award" for the second consecutive year, further solidifying its position as a global innovator in the payments space.