Account-to-account (A2A) payment infrastructure provider Token.io has formed a partnership with Santander UK, as announced during the opening keynote at Open Banking Expo UK & Europe in London on 15 October, by Santander’s chief payment officer Paul Horlock and Token.io’s chief executive officer Todd Clyde.
Santander will use Token.io’s Open Banking connectivity and infrastructure to enhance its customer experiences and to develop real-time payment propositions.
Initially, Santander will leverage Token.io’s infrastructure to offer payment directly from an external bank account as a credit card repayment option.
By offering direct A2A payment for card repayments, Santander’s UK customers will experience more “seamless” payments compared to direct debit or manual bank transfers.
Santander plans to use Token.io’s infrastructure to modernise real-time money movement for its retail banking clients.
Clyde said: “We are thrilled to partner with Santander, a forward-thinking institution committed to driving Open Banking innovation and enhancing the experience of millions of customers.
“Token.io’s technology, combined with Santander’s dedication to exceptional service, will undoubtedly set new standards for how financial institutions leverage Open Banking to create innovative value propositions that meet the evolving needs of consumers and businesses.”
Santander UK serves more than 14 million active customers in the UK, offering a range of financial products and services, including mortgages, auto finance, unsecured loans, credit cards, banking, savings accounts, investment, and insurance products.
Clyde and Horlock were joined on stage for the opening keynote by Peter Crawley, head of global payment solutions Europe at HSBC, to discuss how their pacesetting organisations are approaching Pay by Bank’s path to the mainstream.
Token.io is headline partner of Open Banking Expo UK & Europe, which took place in London on 15-16 October.
