Open banking platform Token authorised by FCA
FCA says yes to Token
The UK’s Financial Conduct Authority (FCA) has authorised Token to deliver payment initiation and account information services, under the terms of PSD2.
Token is now an official account information service provider (AISP) and payment initiation service provider (PISP) in the UK.
“Via its universal open API banking platform, Token enables banks, merchants and other third-party providers to connect to any bank in the European Union for payments and account information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank APIs,” Token explains.
Marten Nelson, co-founder of Token, says his offering 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”.
He adds that Token “enables full interoperability between banks, merchants, and service providers via a single standardised open banking platform”.
The FCA licence is a step towards “becoming the de-facto open banking standard for payment and data transactions”, the vendor says. It can now take advantage of a license passporting process that allows it to establish similar operations in other EU countries much faster.
“We’re also creating a platform that provides a great environment for third party developers,” Nelson adds. “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 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.
