Ecommpay and Token.io Join Forces to Improve Open Banking Connectivity Across Europe

E-commerce businesses in the Netherlands, Spain, France and Ireland struggling to improve cashflow and customer experience benefits will now be able to take advantage of Token.io‘s virtual accounts as the account-to-account (A2A) payment infrastructure provider partners with Ecommpay, the inclusive global payments platform.

According to research from Capgemini, the A2A payment market is forecasted to grow significantly. As a result of the partnership, firms in the sector will be able to utilise the Ecommpay open banking payment solution and local settlement IBANs in the four new European countries. This latest product enhancement eliminates the risk of IBAN discrimination and facilitates faster acceptance of funds through SEPA Instant. Historically, IBAN discrimination has slowed down payment settlement.

As a result of the new partnership, nearly anyone with a bank account in Europe can now use open banking payments, which aligns with Ecommpay’s commitment to driving financial inclusion. E-commerce businesses will be able to receive real-time settlement confirmation and make API-driven refunds or payouts, improving the speed and efficiency of transactions.

Moshe Winegarten, chief revenue officer at payment service provider, Ecommpay

Moshe Winegarten, chief revenue officer at Ecommpay said: “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. Furthermore, we are enhancing local payment capabilities to improve the customer experience, which, in turn, will support conversion for merchants.”

Todd Clyde, CEO of Token.io

Todd Clyde, CEO at Token.io commented: “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.

Open banking payments growth

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. This 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. Furthermore, they enable a more efficient payment process for all.

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