Ecommpay expands open banking partnership with Token.io

By Gloria Methri

Ecommpay, the inclusive global payments platform, has extended its partnership with Token.io, an 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 cash-flow and customer experience benefits for eCommerce businesses.

​​With the A2A payment market forecast to grow significantly, Ecommpay aims to deliver solutions that enable 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.

Available in Ecommpay’s Open Banking Advanced product, virtual accounts enable eCommerce businesses to receive real-time settlement confirmation and make API-driven refunds or payouts, improving transaction speed and efficiency.

“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,” said Moshe Winegarten, Chief Revenue Officer at Ecommpay

“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,” said Todd Clyde, CEO at Token.io

“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.

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.

In partnership with Token.io, Ecommpay launched its comprehensive suite of Open Banking solutions, including 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.