09 Mar 2021
BNP Paribas Partners with Token to launch “Instanea“: an instant payment initiative for its merchants customers across Europe
- Instanea underpinned by Token’s open banking technology to enable faster, secure and more convenient online payments.
- This solution is available now to BNP Paribas’ retail customers in France for a pilot phase in 2021, with planned rollouts across Europe.
9th March 2021 – Leading open banking payments platform, Token, and BNP Paribas, today announced the launch of the first online payments service to combine the power of SEPA Instant and PSD2 APIs, two major initiatives from the European Payments Council. Developed with Token, BNP Paribas Instanea is a turnkey instant payments initiation solution. It delivers account-to-account (A2A) payment capabilities to dramatically enhance the speed and increase the security of transactions for merchants across Europe.
Token’s open payments platform is driving the shift from traditional payment methods to A2A payments. It provides pan-European connectivity to banks, and rich functionality to enable existing Payment Service Providers (PSPs) to benefit from open banking capabilities.
BNP Paribas Instanea will easily integrate with popular shopping carts and payment gateways to deliver immediate payment settlement and enhance security. Risks like chargeback, are also eliminated as payments are authenticated by the customer in their banking portal.
“SEPA Instant has provided a foundation for additional fast and secure payment solutions for our eCommerce clients,” comments Carlo Bovero, Global Head of Cards and Innovative Payments at BNP Paribas. “The advent of open banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage open banking APIs to manage cash-flow in real time and deliver better checkout experiences.”
“Token is helping first-movers like BNP Paribas leverage open banking and establish strategic advantage,” adds Todd Clyde, CEO of Token. “BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants. Not only do open payments dramatically reduce the risk of eCommerce chargeback, they also enhance the customer experience and boost conversion. We look forward to helping BNP Paribas Instanea drive the take up of instant payments as it is rolled out across Europe.”
About BNP Paribas
BNP Paribas is a leading global financial services provider and the market leader in Europe. The Group aims to finance the economy in an ethical manner and play the role of a responsible and positive agent for change. Through its Company Engagement Programme, BNP Paribas takes an active part in energy transition and social inclusion, supporting entrepreneurship at all levels.
With more than 190,000 employees in 70 countries, BNP Paribas supports its clients with an unrivalled, worldwide network of over 220 business centres and circa 1,700 transaction banking relationship managers with a firm understanding of local specificities.
As the largest Euro clearer and with the deepest access to local clearing systems globally, BNP Paribas has one of the most inclusive cash management footprints in the world. The Banks’s corporate clients benefit from its integrated ‘One Bank’ approach to co-create the future of cash and treasury management. BNP Paribas’ extensive product offering, experience and innovation in the fields of transactions, cards, liquidity management and digital channels are unparalleled in the market, as is its thought leadership in corporate social responsibility, cybersecurity & fraud management, data analytics and regulation.
The breadth and depth of the BNP Paribas network combined with regulatory and cultural expertise and sustained investment in innovative technology enable the bank to help its clients meet their local, regional and global cash management objectives around the world.
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Token is an open banking payments platform driving the shift from traditional payment methods to bank payments with best-in-class, Pan-European bank connectivity, data and compliance capabilities. With Token’s complete toolkit, merchants, PSPs and banks create new capabilities and revenue streams through our broadest, Pan-European connectivity to over 3,000 banks. Token is both bank and developer-friendly, and multi-standard by design.
Token Pay offers the simplest way to bypass traditional methods and accept faster, lower cost bank payments. Token Pay provides secure, unified access to banks in Europe to initiate real-time account-to-account payments straight from apps and websites. All from a single interface.
Token has offices in London, San Francisco and Berlin. Token.io Limited is authorised as an AISP and PISP by the Financial Conduct Authority (FCA) in the UK. Token GmbH is in the final stages of coordination with the German Federal Financial Supervisory Authority (BaFin) to receive its license in Germany.