PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Token Completes First Ever PISP Open Banking Transaction

By PaymentsJournal
June 7, 2018
in Press Releases
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
token logo

token logo

7 June 2018 – Millions of customers are set to benefit from simpler and more secure payments as leading open banking platform provider Token.io Limited makes history by becoming the first licensed Payment Initiation Service Provider (PISP) to conduct an end-to-end payment through a public bank API.

The payment of £4.99 at 18:39 on Friday 1st June 2018, confirmed as the first of its kind by UK Open Banking (the Open Banking Implementation Entity), fires the starting gun on the new age of API banking in Europe, driven by the recent introduction of PSD2.

“This was one small payment for a PISP, one giant leap for the world of banking,” grins Marten Nelson, co-founder, Token. “Billions of payments will follow. Ours was the first.”

The payment was executed via the Token network using Santander’s API payment initiation endpoints. With the infrastructure operational, banks, merchants and other providers of payment and data services can now leverage open banking to reduce costs, generate new revenues, increase security and deliver a simpler, more convenient digital payment experience for the end user.

Less than one month earlier, Token.io Limited was granted authorisation by the Financial Conduct Authority (FCA) to deliver payment initiation and account information services, under the terms of PSD2.

Via its universal open API banking platform, Token enables banks, merchants and other third-party providers (TPPs) to connect to any bank in the EU for payments and account information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank-APIs.

Visit Token next week at MoneyConf in Dublin. Contact the team at [email protected] to arrange a meeting or visit stand G106 on Tuesday, June 12.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Token

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result