Flutterwave and Token.io Team Up to Provide Pay By Bank Transfer to Users in UK and EU
This collaboration enables Flutterwave to give its African e-commerce merchants enhanced access to UK and EU customers, while Token.io leverages Flutterwave's presence in Africa to enable a Pay By Bank method for businesses in the continent
LONDON, June 6, 2023 /PRNewswire/ -- Flutterwave, Africa's leading payments technology company, has collaborated with Token.io, Europe's leading account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave's platform. The announcement was made today at the Money20/20 Europe fintech conference in Amsterdam.
A2A payments (often called 'Pay By Bank') are a fast and secure way to move money between bank accounts. Open banking powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.
"Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money," commented Olugbenga "GB" Agboola, CEO of Flutterwave. "By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy," he added.
"We're confident that Token.io's infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East and Africa corridors," said Todd Clyde, CEO of Token.io. "This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027."
Powered by open banking, Token.io's A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow their market share. Token.io offers the highest performing and deepest connectivity for open banking powered A2A payments in the industry, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.
Flutterwave is a payments technology company that enables customers including Uber to send and collect payments, process payments, and build financial products. Flutterwave currently supports over a million customers across 34 countries in Africa. Enabled by Token.io's technology, A2A payment capabilities are now available through Flutterwave's Collect Payments product for businesses.
Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave's cross-border payment platform, in Q3. This will further simplify money transfer for Africans in the UK/EU looking to send money back home.
For more information on Token visit: https://token.io/
For more information on Flutterwave visit: https://flutterwave.com/
About Flutterwave
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API). Flutterwave has processed over 400M transactions in excess of USD $25B and serves more than one million businesses, including customers like Uber, Airpeace, Bamboo, Piggyvest, and others. The company's key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product. Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries. For more information on Flutterwave's journey, please visit www.flutterwave.com.
About Token.io
Token.io's A2A payment infrastructure powered by open banking and built for the payments industry. With the simplest and fastest way to launch Pay by Bank as a core payment method globally, Token.io's complete infrastructure solution helps payment providers grow their market share in the face of the continued shift from cards to APMs.
Token.io has the deepest connectivity of any provider, reaching 567 million bank accounts (80%+ per market) in 16 supported countries through a single API and interface. It also boasts the industry's highest performing connectivity. With fast and flexible deployment options, including the option to use Token.io's licence and conversion boosting payment authentication flows, payment providers can launch A2A capabilities with minimal effort and maximum results.
Token.io's solution is proven by a blue-chip base of partners, which collectively process payments for tens of millions of merchants worldwide, including HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, Nuvei and Paysafe. Token.io is authorised as an AISP and PISP by the FCA in the UK and by BaFin in Germany. Token.io is PSD2 and SCA compliant, and PCI-DSS Level 1 and ISO27001:2013 Certified.
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