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Rebecca Richardson

02 May 2018

Token Granted FCA Authorisation for Open Banking Payment & Information Services

Universal API banking platform secures early place on official PSD2 register of PISPs & AISPs.

2 May 2018 - Turnkey open banking platform provider, Token, today announces its official authorisation by the Financial Conduct Authority (FCA) to deliver payment initiation and account information services, under the terms of PSD2.

Via its universal open API banking platform, Token enables banks, merchants and other third-party providers (TPPs) to connect to any bank in the EU for payments and account information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank-APIs.

“Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to become PSD2 compliant and to expand into open banking-based payments and data aggregation services,” comments Marten Nelson, co-founder, Token. “From May 1st, all transacting businesses can connect to Token and accelerate their growth in payments and data by leveraging open banking.”

“The power of PSD2 and open banking lies in promoting customer-centricity,” continues Nelson. “In the anticipation of a richer and more convenient user experience, account holders can permit a merchant, a bank or another service provider to access their account data and initiate payments. Unless that business can offer this facility to all its customers, however, the proposition falls flat; only a percentage can take advantage. That’s why Token enables full interoperability between banks, merchants, and service providers via a single standardised open banking platform. All parties can connect immediately, securely and at a lower cost than before.”

The FCA license, which permits Token to connect UK customers to its platform, is another step towards Token’s goal of becoming the de-facto open banking standard for payment and data transactions. With the UK license granted, Token now benefits from a ‘license passporting’ process that enables it to establish similar domestic authorisations in neighbouring EU countries much faster than before.

“Token’s ecosystem enablement begins with connecting banks, merchants and consumers across the EU together via an easy to integrate, low cost and secure platform,” adds Nelson. “Crucially, however, we’re also creating a platform that provides a great environment for third party developers. These are the businesses that will make open banking really fly, when they create all the awesome payment and aggregation apps and services that end-users want.”

Token is seeing demand from a range of industries and is already actively engaged with customers to help them capitalise on open banking through a variety of different use cases. Banks, merchants and developers interested in accessing any bank via a single API should contact Token at

Visit Token at Money 2020 Europe in Amsterdam June 4-6. Contact the team at to arrange a meeting.

Media Contacts

Beckie Richardson | | +44 (0)113 350 1922

About Token

Token is a technology company with headquarters in San Francisco and offices in London. 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 is authorised as an AISP and as a PISP by the FCA in the UK.

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 ground-breaking 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 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.

For further information, please consult: or follow us on Twitter: @token_io and LinkedIn.