13 Feb 2019
Mastercard Selects Token.io as a Partner for its New Open Banking Hub
Token provides pan-European access to banks, exceptional UX, enhanced security and richer functionality for businesses and consumers.
13 February 2019 – Turnkey open banking platform provider, Token.io Limited, today announces it has been selected by Mastercard to power the connectivity layer of its open banking hub. The hub will connect merchants, retailers and other regulated third parties to financial institutions in Europe for data and payment transactions.
Further to the announcement in June 2018, Mastercard’s services will include:
- A pan-European directory to help Financial Institutions ensure that Third Party Providers (TPPs) seeking access to a customer’s account are legitimate and hold the appropriate regulatory status;
- A dedicated dispute resolution mechanism; and
- A connectivity hub
Jim Wadsworth, Senior Vice President, and leading the development of Mastercard’s Open Banking offering, says: “Open banking has the potential to revolutionise how we all interact with financial services. Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”
Steve Kirsch, Founder and CEO, Token added: “Fragmentation and a lack of consistency in third party access are creating complexity in open banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform, to address these issues at scale and together accelerate the global adoption of open banking.”
Token has been selected as a partner to launch the connectivity hub, which will deliver secure connectivity between third parties and financial institutions' APIs, using Token’s operating system, TokenOS.
Token.io Limited is authorised as an Account Information Service Provider (“AISP”) and as a Payment Initiation Service Provider (“PISP“) by the Financial Conduct Authority in the UK. Last year it made history by becoming the first and only PISP to successfully conclude testing with the CMA9, and has since completed integration into all of the UK Open Banking APIs for both data and payment initiation.
TokenOSTM delivers flexible, open APIs and programmable money technology, together with the operational support, consent management, monitoring and reporting required to manage and develop new services.
For further information about Token.io, and how its technology enables banks and financial institutions to deliver PSD2 compliance and generate new open banking revenue streams, visit: www.token.io.
Beckie Richardson | firstname.lastname@example.org | +44 (0)113 350 1922
Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.
Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
Token is a recognised industry leader named in the Financial Times Future of Fintech Awards shortlist 2017 as one of the top ten companies to watch globally. CB Insights named Token in their 2017 global annual ‘The Fintech 250’ ranking and in 2016 Token was the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.