Payment orchestrator platform Fabrick has teamed up with account-to-account (A2A) payment infrastructure provider Token.io, to enable its B2B and B2C customers to accept and offer Pay by Bank in the UK.
Through its ‘Payment Orchestra’ platform, Fabrick already accepts and manages A2A payments for customers across Italy, Spain, France and Portugal.
The partnership leverages Token.io’s A2A payment connectivity and infrastructure to enable Fabrick’s B2B and B2C customers to accept Open Banking-enabled A2A payments – commonly known as Pay by Bank – to nearly anyone with a bank account in the UK.
Open Banking Limited reported that, in December last year, 950,000 Britons tried Pay by Bank for the first time.
Three in four consumers are expected to Pay by Bank by 2029, according to Juniper Research.
Paolo Zaccardi, chief executive officer of Fabrick
Paolo Zaccardi, chief executive officer of Fabrick, said: “We integrate the best solutions into the platform with the aim of enabling merchants and large companies to offer the most innovative payment solutions, supporting them in developing their business in different target markets.
“Account-to-account payments, thanks to their ability to offer faster, more secure and cost-effective transactions, represent a crucial innovation.”
He added that partnering with Token.io allows Fabrick to expand its offering, which is already available throughout Europe, to the UK market.
“The choice of Token.io as a partner is based on the robustness of their technology, which is intuitive and easily integrated; in an ever-changing market environment it will enable us to develop new use cases and expand opportunities for our customers,” Zaccardi said.
Token.io’s chief executive officer Todd Clyde
Pay by Bank transactions grew 75% in the UK last year, according to Todd Clyde, chief executive officer of Token.io.
He said that the UK’s National Payment Vision also sets out “clear ambitions” to further develop A2A payments for ecommerce.
“Against this backdrop, businesses are looking to their payment providers to keep up,” Clyde added.
“Our work with Fabrick is another example of how Token.io helps the payments industry capitalise on new capabilities and leverage Open Banking to respond to the evolving needs of businesses.”
Listen to Fabrick’s Paolo Zaccardi on the Open Banking Expo Unplugged podcast discussing how it is helping companies and large corporates to embed financial services in their customer journeys, as embedded finance takes off.
Further reading: Santander UK partners with Token.io for Open Banking payments
