Berlin-based Deutsche Payment has partnered with Open Banking payments enabler Token to launch ‘PayThisWay’ powered by Deutsche Payment.
PayThisWay has been designed as a solution for account-to-account (A2A) payments and Open Banking that enables fast, cost-efficient and secure direct payments between accounts, underpinned by Token’s Open Banking platform and connectivity.
Token offers a turnkey and white-label-ready platform that allows payment providers, like Deutsche Payments, to launch and manage Open Banking-enabled A2A payment propositions. Its connectivity network reaches more than 210 million potential end-users of Open Banking payments.
A recent study conducted by Juniper Research found that Open Banking payments will exceed $116 billion in 2026, from just under $4 billion in 2021, with Europe expected to account for 75%, or $87 billion, of the total in 2026.
Deutsche Payment CEO Alexander Herbst said that the growth rates of Open Banking and A2A payments show they will play a “central role in the payment method mix” in the future, particularly in Europe.
“PayThisWay powered by Deutsche Payment is therefore a significant milestone in Deutsche Payment’s growth path – to become a leading company in the business segment of cashless payments in the German and European markets,” Herbst added.
Todd Clyde, CEO of Token, said: “Deutsche Payment’s launch shows that demand for Open Banking-powered payments continues to grow steadily at all levels of the payments value chain in Europe.
“We look forward to seeing Deutsche Payment’s PayThisWay solution enable high-converting, low-cost payments, while delivering an exceptional user experience for consumers in Germany and beyond.”
In May this year, Token secured $40 million in a Series C funding round co-led by Cota Capital and TempoCap to scale Open Banking payments in Europe.
It also beefed up its operations in Berlin, Germany with the appointment of chief technology officer Artashes Torosyan and managing director Peter Ehmke.
Token is the headline partner of Open Banking Expo Europe, which takes place on 30 September in Amsterdam, and is also the headline partner of Open Banking Expo’s flagship UK Confex on 20 October in London.
Earlier this year, Clyde said: “We look forward to bringing the Open Banking and Open Finance communities together again to drive new conversations and opportunities around the explosive growth of Open Banking payments in 2022.”
Open Banking Expo is offering free tickets to qualifying individuals for its Europe Confex – click here to find out more.