Ecommpay extends partnership with Token.io to optimise real-time open banking payments in more markets
Ecommpay, the inclusive global payments platform, today announced the extension of its partnership with Token.io, a leading account-to-account (A2A) payment infrastructure provider. Ecommpay has added Token.io’s virtual accounts in four new markets — the Netherlands, Spain, France and Ireland — to Ecommpay Open Banking Advanced, delivering important cash-flow and customer experience benefits for e-commerce businesses.
With the A2A payment market forecast to grow significantly, Ecommpay is committed to delivering solutions that enable e-commerce merchants to capitalise on this opportunity. Its partnership with Token.io, which powers Ecommpay’s open banking payment solutions in the UK and Europe, has been extended to include local settlement IBANs for the Netherlands, Spain, France and Ireland. This latest product enhancement eliminates the risk of IBAN discrimination, which can slow down payment settlement, and facilitates faster acceptance of funds through SEPA Instant.
Available in Ecommpay's Open Banking Advanced product, virtual accounts enable e-commerce businesses to receive real-time settlement confirmation and make API-driven refunds or payouts, improving the speed and efficiency of transactions.
By providing local IBANs in more markets, virtual accounts also reduce the possibility of payment discrimination, while leveraging open banking for payments facilitates faster acceptance of funds through SEPA Instant.
Moshe Winegarten, Chief Revenue Officer at Ecommpay, said:
“We are thrilled to extend our virtual accounts offering to more markets, building on our existing partnership with Token.io. By providing businesses with local IBANs and seamless payments, we are reinforcing our commitment to driving financial inclusion and enhancing local payment capabilities to improve the customer experience, which, in turn, will support conversion for merchants.”
Todd Clyde, CEO at Token.io, commented:
"We are excited to enhance Ecommpay's Open Banking Advanced solution with Token.io Virtual Accounts, which enable instant refunds and payouts, among other key capabilities that help Payment Service Providers (PSPs) unlock the full potential of open banking payments for a vast range of markets and use cases.”
“Our partnership with Ecommpay continues to demonstrate the immense potential of open banking in transforming payment experiences and also highlights the opportunities that PSPs can realise when they embrace innovative, customer-centric solutions,” he added.
This latest move further solidifies Ecommpay’s commitment to driving financial inclusion and enhancing local payment experiences. By leveraging Token.io’s industry-leading, direct bank connectivity, open banking payments can be used by nearly anyone with a bank account in Europe.
With the total number of open banking-enabled payments projected to reach 5.3 billion across Europe by 2027 , Ecommpay was among the first PSPs to deliver this cutting-edge payment capability to merchants in 2020. In partnership with Token.io, Ecommpay launched its comprehensive suite of Open Banking solutions, which includes Open Banking Advanced: the company's enterprise solution. Virtual accounts are exclusively available as a feature of Open Banking Advanced. Open banking-enabled payments, or 'Pay by Bank,' deliver substantial benefits over traditional payment methods. Merchants enjoy reduced costs, faster access to funds, and improved cash flow, while end users enjoy secure, seamless payments without needing to share card details or manually input sensitive data. Open banking-enabled payments promote financial inclusivity and enable a more efficient payment process for all.