The European Parliament’s PSD2 directive requires banks to provide open APIs to payment initiation and access to account data by January 2018. Token has developed an open banking platform with rich functionality (like a computer operating system) that allows banks to quickly and cost effectively comply with the directive before the deadline.
Unlike in-house developed solutions, Token supports the same API across all banks. Even the largest third-party developers can’t support more than one banking API. Banks that use Token will have access to the most third-parties applications. This in turn means greater revenue for those banks.
The Token platform does not disrupt any existing banking infrastructure but layers on top of it.
This means that Token can be up and running at your bank in as little as a few weeks.
Token’s open banking platform also provides your bank with additional modules that turn your bank into a competitive powerhouse enabling your bank to play offense and truly capitalise on PSD2. For example, Token allows banks to set the price for each type of API call, as well as supports special
pricing for large merchants.
Finally, Token uses digital signatures to support a fully open API that can be called by any third party, not just PISPs and AISPs. This results in more traffic and higher margin for the bank.