Santander UK enters open banking payments partnership with Token.io
Santander UK, a wholly-owned subsidiary of Banco Santander, has partnered with payments firm Token.io to utilise its open banking connectivity and infrastructure.
The two firms announced the new partnership at the Open Banking Expo in London
The bank will leverage Token.io’s tech to enable customers to make direct account-to-account (A2A) payments from external bank accounts to repay credit cards.
According to Token.io, this repayment method “eliminates error-prone manual data entry and supports biometric Strong Customer Authentication (SCA) for payments made on mobile devices”.
Furthermore, Santander intends to use Token.io’s solutions to enhance “real-time money movement” for its more than 14 million active customers in the UK as it looks to develop new real-time payment propositions.
Founded in 2015 and headquartered in Aldgate, UK, Token.io is an A2A infrastructure partner to a number of leading financial institutions, including ACI Worldwide, HSBC, Mastercard, BNP Paribas, and more.
The firm, which bagged a $40 million Series C funding round in 2022, claims that its open banking and white-label Pay by Bank capabilities provide direct connectivity to over 567 million bank accounts across 20 markets.
The new partnership was unveiled during this month’s Open Banking Expo in London by Santander UK’s chief payment officer, Paul Horlock, and Token.io’s CEO, Todd Clyde.
