Ecommpay extends partnership with Token.io to optimise real-time open banking payments in more markets

Addition of Token.io's virtual accounts for Netherlands, Spain, France and Ireland delivers critical localisation for account-to-account payments; removes possibility of payment discrimination

Ecommpay, the inclusive global payments platform, today announced the extension of its partnership with Token.io, a leading account-to-account (A2A) payment infrastructure provider. Ecommpay has added Token.io's virtual accounts in four new markets — the Netherlands, Spain, France and Ireland — to Ecommpay Open Banking Advanced, delivering important cash-flow and customer experience benefits for e-commerce businesses.

​​With the A2A payment market forecast* to grow significantly, Ecommpay is committed to delivering solutions that enable e-commerce merchants to capitalise on this opportunity. Its partnership with Token.io, which powers Ecommpay’s open banking payment solutions in the UK and Europe, has been extended to include local settlement IBANs for the Netherlands, Spain, France and Ireland. This latest product enhancement eliminates the risk of IBAN discrimination, which can slow down payment settlement, and facilitates faster acceptance of funds through SEPA Instant.

Available in Ecommpay's Open Banking Advanced product, virtual accounts enable e-commerce businesses to receive real-time settlement confirmation and make API-driven refunds or payouts, improving the speed and efficiency of transactions.

By providing local IBANs in more markets, virtual accounts also reduce the possibility of payment discrimination, while leveraging open banking for payments facilitates faster acceptance of funds through SEPA Instant.

We are thrilled to extend our virtual accounts offering to more markets, building on our existing partnership with Token.io. By providing businesses with local IBANs and seamless payments, we are reinforcing our commitment to driving financial inclusion and enhancing local payment capabilities to improve the customer experience, which, in turn, will support conversion for merchants.

We are excited to enhance Ecommpay's Open Banking Advanced solution with Token.io Virtual Accounts, which enable instant refunds and payouts, among other key capabilities that help Payment Service Providers (PSPs) unlock the full potential of open banking payments for a vast range of markets and use cases.

“Our partnership with Ecommpay continues to demonstrate the immense potential of open banking in transforming payment experiences and also highlights the opportunities that PSPs can realise when they embrace innovative, customer-centric solutions,” he added.

This latest move further solidifies Ecommpay’s commitment to driving financial inclusion and enhancing local payment experiences. By leveraging Token.io’s industry-leading, direct bank connectivity, open banking payments can be used by nearly anyone with a bank account in Europe.

With the total number of open banking-enabled payments projected to reach 5.3 billion across Europe by 2027**, Ecommpay was among the first PSPs to deliver this cutting-edge payment capability to merchants in 2020. In partnership with Token.io, Ecommpay launched its comprehensive suite of Open Banking solutions, which includes Open Banking Advanced: the company's enterprise solution. Virtual accounts are exclusively available as a feature of Open Banking Advanced.

Open banking-enabled payments, or 'Pay by Bank,' deliver substantial benefits over traditional payment methods. Merchants enjoy reduced costs, faster access to funds, and improved cash flow, while end users enjoy secure, seamless payments without needing to share card details or manually input sensitive data. Open banking-enabled payments promote financial inclusivity and enable a more efficient payment process for all.

ENDS

Press contacts:

For Ecommpay: Wendy Harrison/Clare Watson at HSL / ecommpay@harrisonsadler.com / +44 (0) 20 8977 9132

For Token.io: Beckie Richardson at iseepr / token@iseepr.co.uk / +44 (0) 113 350 1922

About Ecommpay: Redefining Payments for Global Growth

Ecommpay is a truly inclusive global payments platform designed to empower businesses and drive growth. Founded in 2012 and headquartered in London, Ecommpay offers global and local acquiring, over 180 payment methods and comprehensive payment processing and orchestration—all accessible through a single, seamless API. Ecommpay continuously builds essential capabilities like orchestration, open banking, recurring billing, and direct debits directly into its platform, eliminating the need for third-party systems, streamlining operations, reducing costs, and minimising friction for clients.

Unlike traditional providers, Ecommpay views itself as a partner committed to ensuring client payments flow smoothly whilst optimising every transaction for maximum value. Promoting financial freedom, accessibility, and empowerment for all, the Ecommpay platform is designed to make it easy to connect to global financial ecosystems, ensuring secure, convenient payment options that enhance the digital economy worldwide. www.ecommpay.com

Ecommpay UK Ltd is authorised by the Financial Conduct Authority (FCA) under the Payment Services regulation 2017 for the provision of payment services. Ecommpay is a fully licensed principal member of Mastercard and Visa, and its payment platform has been certified to Level 1 PCI DSS.

About Token.io: The Leading A2A Payment Infrastructure Provider

Token.io’s market-leading open banking connectivity and robust, whitelabel Pay by Bank capabilities have established it as the account-to-account infrastructure partner of choice for Europe’s payment ecosystem. Token.io offers the deepest and highest performing direct connectivity to over 567 million bank accounts (80%+ of accounts per market) in 20 markets, ensuring unparalleled access to a vast, real-time payment network. The ability to whitelabel Token.io’s entire platform empowers banks and other payment providers to create and grow their own ready-to-market Pay by Bank product, which maximises acceptance while delivering lower processing costs and better payment experiences for businesses and consumers. The company’s market-leading solution is proven by a blue-chip clientele, including HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, Global Payments, Nuvei and Paysafe. www.token.io

*Capgemini. "A2A Payments Poised to Disrupt Card Networks." Fintech Magazine, 16 Sept. 2024, https://www.capgemini.com/insights/research-library/world-payments-report/

**Juniper Research. "Open Banking Market Research Report." Juniper Research, 2023, www.juniperresearch.com/research/fintech-payments/banking/open-banking-market-research-report/