Token.io Limited announces that its technology has been implemented by Sberbank in Slovenia as of today, 17 July 2018. Token is an open banking platform provider that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly and without friction.
Token’s Application Programming Interface (API) for banking infrastructure ensures that Sberbank Slovenia complies with PSD2.
Using the Token iOS and Android mobile applications, customers of Sberbank from Slovenia will be able to reap the benefits of open banking, with services such as one-click e-commerce and account aggregation on the roadmap.
Aleš Zajc, Deputy CEO of Sberbank from Slovenia, responsible for Retail banking, states: “Our choice to work with Token reflects our commitment to shaping a new era of banking and payments. Our cooperation with Token enables a platform-based banking model that will allow us to substantially improve our customers’ experience. With Token’s frictionless authentication programmed into each transaction, we will be able to increase payment speed and convenience without ever compromising on security.”
Sberbank is the seventh largest institution on the Slovenian banking market and boasts a strong international network of partners and clients. Sberbank is the first financial provider/bank in Slovenia to look beyond PSD2 compliance and move towards an entirely open banking system. This first-mover positioning builds upon two successful product launches with a strong focus on Retail clients: the ‘Ekspres loan’ product and ‘Change the bank proces’. Working with Token goes hand in hand with Sberbank Retail strategy as it looks to the API economy as a pathway to the future of banking.
Steve Kirsch, Founder and CEO of Token, comments: “Token offers the industry’s simplest and most secure transaction-based open banking API, which will provide Sberbank Slovenia quicker data aggregation and direct payments driven by Smart Token technology. Crucially, our cloud-based platform will give Sberbank both flexibility and scalability when creating and handling transactions.”
Banks use Token’s software to issue and redeem payment and account information authorizations as Smart Tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each Smart Token to be uniquely specified to the transaction it represents. Sensitive account information never leaves the bank’s systems, substantially reducing security vulnerabilities.When PSD2, the revised European Payment Services Directive, comes into force in September 2019, European banks will be required to grant third party providers access to their customers’ data. Token not only delivers this, it also enables banks to offer an improved customer experience when doing online transactions.