Token.io expands connectivity, bringing Open Banking payments to Ireland

Token.io offers breadth and depth of Open Banking connectivity in 14 countries, now including Ireland, with payments now live with Prommt

We are thrilled to announce that with the addition of Ireland, Token.io offers Open Banking coverage in 14 countries, connecting to over 80% of bank accounts (and 250 million potential end users) in the United Kingdom, France, Germany, Poland, the Netherlands, Austria, Belgium, Hungary, Lithuania, Estonia, Latvia, Spain and Portugal.

Token.io’s success rates are currently benchmarked as the best in the Open Banking industry — and are also higher than cards in many of these countries.

”Our vision is to be the leading global Open Banking enabler for the payments industry. Continuously expanding our connectivity is key to this. We’re committed to offering our customers industry-leading breadth and depth of coverage, the industry’s highest success rates across Europe, and cutting-edge Open Banking payment capabilities.”

Token.io’s connectivity network now includes Ireland’s largest banks: Allied Irish Banks, An Post, Bank of Ireland, Elavon Financial Services, Permanent TSB, Revolut and SumUp.

Now live in Ireland

Token.io’s first customer to take advantage of this expanded coverage to Ireland is Prommt (www.prommt.com), which is rapidly gaining market share with customers already embracing Open Banking payments in Ireland and the UK.

Prommt CEO, Donal McGuinness, expects this trend to continue in Ireland:

“Based on our experience to date in other markets, we anticipate a gradual but accelerating shift of traditional B2B bank transfers, driven by Open Banking innovations, to faster seamless account-to-account bank payments. Higher value B2C transactions will also undergo a repositioning of the Card and Bank payment mix. The uptake of this A2A payment alternative is already very strong, with merchants quickly recognising the immediate impact on their profitability.”

Branded as ‘Pay by Bank’ and underpinned by Token.io’s Open Banking platform, Prommt enables merchants to send secure, branded, trusted bank payment requests via SMS, email and Whatsapp.

This week saw one of Prommt’s Irish customers, EZ Living Interiors, go live with Pay by Bank. This leading furniture retailer is using this fast and convenient payment method for high value deposits and purchases, which is particularly attractive for their corporate customers.

“Pay by Bank offers us significant reduction in payment operations costs, and positions EZ Living Interiors at the forefront of payment innovation in the Irish market.”

Spotlight on the Irish market

Token.io does the heavy lifting of enabling Open Banking connectivity to thousands of banks across Europe, so you don’t have to. Payment service providers can launch their own Open Banking payment capabilities for the Irish market, all through Token.io’s single API and interface.

Ireland boasts one of Europe’s strongest-performing economies. The only English-speaking country in the Eurozone, it is known for its pro-business environment. Ireland has built a reputation as a trading gateway to the European Union with a highly skilled labour pool, EU trade agreements, and EU regulations for products and services. Today, Ireland is a hub for the operations of multinational businesses, including some of the biggest names in tech, social media, and financial services.

From 2018 to 2021, the use of cash fell by more than half in Ireland. Ireland is now a powerful e-commerce market within Europe and a key market for global merchants and payment providers.

Let’s talk

Are you a payment provider looking for an Open Banking partner? Learn more about Open Banking payment opportunities in Ireland. Let’s talk.

And watch this space for more exciting announcements as Token.io continuously expands its connectivity network!