12th January 2017 – Token, Inc., a new crypto-payment network and API ecosystem that enables European banks to monetise their investment in PSD2, today announced a strategic partnership with VirtusaPolaris, a global provider of information technology (IT) consulting and outsourcing services.
Under the terms of the partnership, VirtusaPolaris will both resell Token’s programmable money network to banks and financial service providers and provide Token with systems integration support. VirtusaPolaris will also work on developing its own suite of services that leverage Token’s underlying smart tokenisation technology.
“The Token network enables banks to transact with programmable money, which makes it incredibly versatile,” comments Steve Kirsch, founder and CEO, Token. “VirtusaPolaris has understood this potential and moved quickly to partner with us. It’s great news for us; not only do we now have a partner that can help us show banks how they can monetise PSD2, we also have a co-developer with a wealth of experience and engineering skills for new services and propositions. Token already has trials underway with a number of major banks, so things are starting to move quickly for us now.”
“The opportunities for banks offered by programmable money are remarkable and Token’s network and API ecosystem is the most comprehensive proposition we’ve seen,” comments Stephen Holmes, Head of Technology, FinTech Labs at VirtusaPolaris. “Using the Token network to establish banks’ compliance with PSD2 is a smart starting point, but that’s really just the beginning. Token enables any kind of value-based transaction, from a low value domestic purchase to a vast international bank-to-bank money transfer, to be conducted securely, instantly and without reliance on third parties. We’re hugely excited by this partnership, which builds upon our recent launch of our OpenBanking API Accelerator.”
VirtusaPolaris’ OpenBanking API Accelerator provides banks with an ability to securely and rapidly enhance their digital offerings using an ecosystem of third party applications, like Token, together with other connectors and services designed to kick-start their API journey and enable them to build next generation digital products and services.
Banks use Token’s network to issue and redeem payment authorisations as smart tokens which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each smart token to be uniquely specified according to the transaction it represents. They can also execute API callouts to external web services, enabling value added services to be integrated in just the same manner. Sensitive card or account data never leaves the bank’s systems, masked or otherwise, vastly reducing the bank’s security vulnerabilities.
Token’s programmable money network reverses the fortunes of Europe’s banks in the digital age and empowers them to lead the market in digital transactions. It puts banks in sole control of the entire digital payments chain so they no longer have to relinquish front-end control of their customer relationships to digital payment-enabling partners. Token’s platform also enables banks to issue value added services and retain ownership of the resultant customer profiling data. These advantages benefit banks by eliminating the widely-documented threat of disintermediation, while providing a model that both increases margins and reduces time-to-revenue for new digital services.
Token is a new kind of transaction network. It utilizes patent-pending smart tokenization technology to empower banks and financial service providers in the digital age. By superseding the traditional ‘shared secrets’ model of payment authentication, Token offers a compelling alternative to today’s traditional and digital payment systems by providing banks with a flexible digital transaction management environment rich in opportunity, to establish PSD2 compliance, generate new revenues and valuable customer profiling data, heighten digital payment security and eliminate fintech disintermediation.
Headquartered in Silicon Valley, Token also has a London office and is quickly expanding internationally, in line with customer demand.
Token’s impressive team combines years of highly successful execution and innovation in both the technology and banking sectors. Token’s CEO, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits. Token’s CTO, Yobie Benjamin, was formerly the Global CTO at Citigroup where he was responsible for the processing of quadrillions of dollars a year in payments.
Token has been recognised in the 2016 GTS Global Innovator Competition as the ‘Most disruptive company across all categories, globally’, and is the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
VirtusaPolaris, the market-facing brand reflecting the combined strengths of Virtusa Corporation and Polaris Consulting & Services, Ltd. is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, media and entertainment.
VirtusaPolaris’ solutions address the CXOs’ dual challenge of growing revenues while improving IT cost efficiencies. VirtusaPolaris’ digital services leverage innovative new technologies to reimagine the customer experience, increasing retention and creating lasting value. VirtusaPolaris’ preemptive outsourcing solutions help clients reduce risk and improve IT operations.
VirtusaPolaris delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing and maintenance & support, including infrastructure support. Inheriting a strong heritage in software engineering, VirtusaPolaris is highly qualified to both develop and maintain software, using a proven platforming methodology and advanced Agile and Accelerated Solution Design techniques to reliably produce results on time and within budget.
Holding a record of success across industries and unparalleled domain expertise, VirtusaPolaris understands clients’ business challenges best and uses that to deliver distinctive, differentiated and innovative application of technology to solve those problems. Examples of large business transformations completed include the world’s largest P&C claims modernization program, one of the largest corporate customer portals for a premier global bank, an order to cash implementation for a multinational telecommunications provider, and digital transformations for media and banking companies.
Virtusa Corporation is headquartered in Massachusetts, and together with Polaris, has 50 offices across North America, Europe and Asia.
Polaris Consulting & Services is a subsidiary of Virtusa Corporation. Copyright © 2016 Virtusa Corporation. All Rights Reserved.