Turnkey open banking platform provider, Token.io Limited, today announces it has been selected by Mastercard to power the connectivity layer of its open banking hub. The hub will connect merchants, retailers and other regulated third parties to financial institutions in Europe for data and payment transactions.
Further to the announcement in June 2018, Mastercard’s services will include:
- A pan-European directory to help financial institutions ensure that Third Party Providers (TPPs) seeking access to a customer’s account are legitimate and hold the appropriate regulatory status;
- A dedicated dispute resolution mechanism; and
- A connectivity hub.
Jim Wadsworth, Senior Vice President, and leading the development of Mastercard’s Open Banking offering, says: “Open banking has the potential to revolutionise how we all interact with financial services. Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”
Steve Kirsch, Founder and CEO, Token added: “Fragmentation and a lack of consistency in third party access are creating complexity in open banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform to address these issues at scale and together accelerate the global adoption of open banking.”
Token has been selected as a partner to launch the connectivity hub, which will deliver secure connectivity between third parties’ and financial institutions’ APIs using Token’s operating system, TokenOSTM.
- Consumer adoption, the fintech invasion and the ‘so what?’ of Open Banking
- Insight: Direct Debit Plus – how Direct Debit can improve and learn from Open Banking initiatives
- Moneybox app announces Open Banking merger with Santander
- Skipton speeds up mortgage processing with Experian
- Salesforce, NAB and Reinventure back Open Banking platform Basiq