Token.io chief executive officer Todd Clyde announced the expansion of its Open Banking connectivity network to Scandinavia, alongside payment platform Paysafe, in his welcome on the first day of Open Banking Expo UK and Europe.
The account-to-account infrastructure provider now offers Account Information Services (AIS) and Payment Initiation Services (PIS) services in Sweden, Denmark, Norway and Finland, providing new opportunities for payment service providers, including Paysafe.
The payment platform has expanded its coverage with Token.io to offer consumers and merchants a frictionless service in Denmark.
“The expansion of Token.io’s connectivity network in Scandinavia demonstrates our commitment to contributing to the evolution of the European payments landscape,” said Clyde in a statement.
“Not only are we committed to enabling the growth of customers like Paysafe, it’s our mission to enable Pay by Bank to become a mainstream payment method so that more merchants and consumers can benefit from better payment experiences.”
Token.io’s connectivity network now spans 20 markets, each boasting a minimum 80% account coverage.
“We are excited to expand our relationship and coverage with Token.io, utilising its bank integration infrastructure to fuel our Pay by Bank solution,” added James Tiltman, vice president product, alternative payments, at Paysafe.
During a Fireside Chat, ‘The Pay by Bank Playbook’, on the Main Stage on Day One of Open Banking Expo UK and Europe, Clyde highlighted there are now 4.2 million A2A users monthly and 670,000 new users each month in the UK.
He said that the “foundations of payments are changing”, pointing to the shift from a “preference for cards to non-card” payments.
He introduced to the stage Nick Corrigan, European president, executive vice president at Global Payments, followed by Abbas Rana, director, head of product management, group liquidity and cash management at HSBC.
Corrigan told delegates that “the next generation and how they behave” will shape the user experience in payments, while Rana talked about how its Pay by Bank offering was helping customers, such as British Car Auctions, to benefit from lower transaction rates.
According to Token.io, A2A payments are the leading ecommerce payment method in Finland, while, in Sweden, recent research has shown that more than 80% of people use A2A payments on a regular basis. It also pointed to Denmark as having a mobile banking penetration rate of 94%.
Token.io is headline partner of Open Banking Expo UK and Europe.