OpenPayd unlocks Open Banking with Token partnership

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Source: OpenPayd/Token

OpenPayd, the API-led Banking-as-a-Service provider, today announced the launch of a new partnership with Open Banking infrastructure provider, Token.io to bring Open Banking to OpenPayd’s customers.

The multi-phase collaboration is part of OpenPayd’s ambition to become the one-stop-shop for its corporate customers’ banking and payments needs, and will in time see the launch of a new Open Banking API from OpenPayd – enabling OpenPayd’s customers to offer Open Banking services to their own customers.

End users will be able to initiate payments from any of their bank accounts and transact without ever leaving their familiar provider’s app or web interface whilst ensuring PSD2 compliance at all times. For example, OpenPayd’s crypto exchange clients will be able to offer seamless fiat wallet top-ups, embedding Open Banking payment flows within their apps and allowing users to transfer funds without having to open their online banking service.

OpenPayd Chief Product Officer Adam Bialy said: “Open Banking continues to be the most significant development in fintech. Our partnership with Token marks our commitment to furthering the potential of Open Banking in the B2B space by making its benefits available to corporate customers through a simple and elegant integration. We look forward to launching new enterprise tools and workflows that will make the most of the promise and potential of Open Banking and will maximise its value for our customers and their customers in turn. This is just the first phase of our partnership so stay tuned for more soon”

Todd Clyde, CEO of Token, added: “As Open Banking use-cases become mainstream, banking and payment platform providers realise they must offer open banking data aggregation and payment capabilities as part of their platform. Token aims to be the platform inside the platform. Specifically, to provide the simplest and fastest way for banking-as-a-service platforms, PSPs, and acquirers to launch open banking propositions which can be white-labeled from Token and delivered through their platforms. We are thrilled to be partnering with OpenPayd and to be playing a part in their overall API-led, Banking-as-a-Service strategy.”