Inclusive global payments platform Ecommpay and account-to-account payment infrastructure provider Token.io have extended their partnership to be able to offer real-time Open Banking payments in more European markets.
Ecommpay has added Token.io’s virtual accounts in the Netherlands, Spain, France and Ireland, making them available in its ‘Ecommpay Open Banking Advanced’ product and helping to tackle IBAN discrimination.
Through their existing partnership, Token.io enables Ecommpay to provide Open Banking payment solutions in the UK and Europe.
Now, this has been extended to include local settlement IBANs in four new markets, thereby eliminating the risk of IBAN discrimination, which can slow down payment settlement, and facilitating faster acceptance of funds through SEPA Instant.
With virtual accounts available via Ecommpay’s ‘Open Banking Advanced’, ecommerce businesses can 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 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 and enhancing local payment capabilities to improve the customer experience, which, in turn, will support conversion for merchants.”
Token chief executive officer Todd Clyde
According to Juniper Research, the total number of Open Banking-enabled payments is projected to reach 5.3 billion across Europe by 2027.
Todd Clyde, chief executive officer of Token.io, said: “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.
Token.io’s chief executive officer Todd Clyde is delivering the Opening Keynote on Day One of Open Banking Expo UK & Europe on 15-16 October. Catch Todd and other senior executives from Token.io at the Expo – click here to find out more about the speaker line-up, agenda and exhibitors, and to get your ticket.
Further reading: Token.io returns as headline partner of Open Banking Expo UK & Europe 2024
