Ricky Knox, CEO, Tandem

Digital challenger bank Tandem has collaborated with the open banking platform Token.io in order to enable PSD2 compliance and open banking opportunities. The bank is expected to integrate Token’s full suite of open banking solutions into its core platform.

Steve Kirsch, Founder and CEO, Token adds: “Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products. Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”

According to the bank, Tandem can utilize the Token BankPay to achieve direct bank payments and Token Connect expand its catalogue of aggregated banks through a single integration. Token’s solutions will allow Tandem to comply with PSD2, enabling the bank to invest its time and capital into improving user experience and offering open banking services to customers. The supplier will provide Tandem with a turnkey PSD2 API as well as outsourced TPP management, certification and support.

Ricky Knox, CEO, Tandem, says: “So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently. This means we can focus our efforts on differentiating ourselves with an improved user experience – leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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