Token Enables Bank Direct Payments for Paymentworld

Published On : 05/29/2018

Enables European EMI to harness the power of open banking – lowering costs, improving UX, and enabling value-added services

Turnkey open banking platform provider Token today announces that it is enabling Paymentworld Europe Ltd. to provide a bank direct payments facility to its business and consumer customers.

Paymentworld’s portfolio of payment services includes a payment gateway with 400+ payment options in 160 countries, an EWallet that enables B2B, B2C and C2C transactions, independent payment processing and value-added services such as loyalty and bonus programmes.

Integration with Token’s platform benefits Paymentworld’s gateway customers by enabling bank direct payments and lowering the cost of transactions – as well as being a chargeback-free solution when used at checkout. It also improves the end-user experience by allowing individuals and merchants to make payments and check their balance in-app, without redirecting to banking portals.

Jens Podewski, CEO, MD and Founder of Paymentworld, explains, “Our aim is to enable our customers to quickly and easily initiate and receive payments in whatever form best suits them, wherever they are in the world. Adding bank direct payments to our payment gateway and EWallet solutions via Token’s platform is the next logical step and establishes us as early market-leaders in the new era of open banking.”

For businesses looking to maximise the opportunities offered by open banking, like Paymentworld, Token is the only open banking solution that covers the entire value chain. Unlike other service providers, Token has a single API to access all banks for payments and data. This enables Paymentworld to offer instant, bank direct payments to its customers and solves the integration pain being felt across the industry caused by multiple proprietary bank APIs. Additionally, its cloud-based Smart Token technology enables flexibility and scalability in creating and handling transactions by using a unique security model.

Paymentworld has recently partnered with marketplace KAUFinBW.de (www.kaufinbw.de), which brings together local merchants and consumers in Baden-Wuerttemberg, Germany. Paymentworld’s EWallet will use Token to enable merchants that may not be eligible to on-board with traditional payment processors due to their start-up status, size or business model. This is a key benefit of open banking for these players because they no longer suffer a commercial penalty for being new to the game.

Consumers that use the EWallet will be able to make payments without being redirected to banking portals, substantially improving their experience.

“The marketplace already supports traditional payment methods, but the addition of Token’s bank- direct payments will be a game changer for merchants,” Podewski continues. “By providing them with access to instant, chargeback and risk-free payments without the need to follow restrictive card scheme rules, even cryptocurrencies can’t compete with this on flexibility or cost.”

Marten Nelson, Co-Founder and CMO, Token, adds, “Our vision is to enable all transacting businesses to harness the power of open banking to simplify, accelerate and reduce the cost of transacting globally. Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to expand into payments and data aggregation services via a single standardised open banking platform. Crucially, this platform also provides a great environment for third parties like Paymentworld, because these are the businesses that will make open banking really fly by creating the payment services that end-users want.”

Token is seeing demand from a range of industries and is actively engaged with customers to help them capitalise on open banking through a variety of different use cases. Banks, merchants and developers interested in accessing any bank via a single API should contact Token at token.io/contact.

Visit Token at Money 2020 Europe in Amsterdam 4-6^th June. Contact the team at m2020@token.io to arrange a meeting.

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.