Token Launches Open Banking Mobile App

Press Release

Token Launches Open Banking Mobile App to Demonstrate How Banks Can Use PSD2 to Dominate Digital Transactions Market

Fully operational iOS app, integrated with Fidor Bank, reveals hidden bank revenue opportunities in PSD2 and demos revolutionary API banking business model

07 February, 2017 - European banks can now see first-hand how they can use PSD2 to generate massive revenues and dominate the market for digital transactions, following today’s launch of a ‘live demo’ iOS app from Token.

“Unlike other PSD2 solution providers, Token does not just offer compliance, it gives banks uncontested control over the post-PSD2 market for digital transactions,” comments Marten Nelson, co-founder, Token. “With Token, gone are today’s payment networks, clearing houses and other intermediaries that take a piece of the bank’s payment revenue. In their place, the bank launches its own Token digital transaction network, allowing it to set its own fees. Thanks to the new direct interface that Token enables, the bank can increase its margins, lower the costs of transacting for merchants, and introduce a fee structure for Account Information Service Providers and Payment Initiation Service Providers mandated by PSD2.

“This is a big change and it can be a lot to take in, so we’ve create a mobile app to help convey the power of the opportunity and enable banks to see first-hand how the system works. It also lets us demonstrate how fast and convenient the user experience is.

“Our app isn’t a first audition either; it’s more like a final dress rehearsal,” adds Nelson. “It uses the live Token network and has been fully integrated with Fidor OS. In short, we’re ready to deploy today and can do so in a fraction of the cost and time it would take a bank to manage themselves.”

Combining Token’s payment network with Fidor OS took a total of ten days, including testing. Customer account data is securely aggregated in a single place, and payments can be made from multiple sources instantly and securely from within a single environment.
“We are glad to unveil the availability of Token on Fidor’s open banking platform FidorOS at Finovate Europe, to support banks that use our platform to easily adopt future payment scenarios, such as the upcoming PSD2 standard,” comments Ge Drossaert, Member of the Board of Fidor. “The synergies between Token and Fidor’s technologies greatly strengthen banks’ role in the new payment landscape. Not only do they reinforce data and payment security in an open environment, they also pave the way for new revenue streams for banks that want to play a key role and strive to innovate.”
To show how an account information aggregator might pool customer data from multiple banks the app also includes a fictional link to Game of Thrones’ Iron Bank of Braavos. Imitation merchants and products have also been generated to enable users of the app to experience the full transaction flow.

App Availability and Live Demos at Finovate Europe
Banks and other interested stakeholders can explore the Token system for free by visiting

Marten Nelson will be delivering live demonstrations of the Token app at Finovate Europe, in London, on 7-8th February 2017.

Under the hood
Token combines smart tokenisation, public-key cryptography and APIs to provide the industry's simplest and most secure transaction-based open banking platform. In practice, Banks use Token’s software 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 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.
By putting a bank in sole charge of their own digital payment network, Token eliminates the bank’s need to rely on partners to execute digital transactions and launch new services, making them immune to competitive encroachment and disintermediation. The bank’s brand remains front and centre at all times.

Token Press Contact
Lucy Horsman| iseepr | | +44 (0) 113 350 1922

Fidor Press Contact
Nick Riegger | Sandstrasse 33 | 80335 Munich | Germany
Tel.: +49 89 189 085 157 | Fax: +49 89 189 085 199 |

About Token

Founded in 2015, Token is a technology company headquartered in San Francisco with offices in London. Token’s open banking platform helps banks quickly and cost effectively meet the PSD2 compliance requirements and generate new revenue. It raises security and reduces disintermediation. Token has developed an open banking platform with rich functionality that allows banks to quickly and cost-effectively comply with PSD2 before the deadline. Unlike in-house developed solutions, Token supports the same API across all banks. Banks that use Token will have access to the most third-parties’ applications. This in turn means greater revenue for those banks.
Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. Token’s CEO and Founder, 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.

About Fidor

Fidor is the digital banking solutions provider behind the success of Fidor Bank.
It specialises in digital banking including middleware solutions, community based-banking, banking license shelter, customer support, marketing and customer acquisition services delivered in a hosted or cloud environment.
Fidor designed the Fidor OS, an innovative digital platform using open APIs. This enables a digital banking ecosystem for digital brands as well as developers and fintech who can easily plug into the platform to offer their own financial products.
Fidor serves a wide range of sectors including banks, telecoms to commerce and clients including Abu Dhabi Islamic Bank and O2 Banking by Telefonica. More info on