BNP Paribas & Token launch instant payment initiative in Europe

By Megha Bhattacharya

BNP Paribas and open banking payments platform Token announced the launch of an online payments service to combine the power of SEPA Instant and PSD2 APIs, two initiatives from the European Payments Council. Token offers pan-European connectivity to banks, and rich functionality to enable existing Payment Service Providers to benefit from Open Banking capabilities. The bank’s Instanea, developed in collaboration with Token, is a turnkey instant payments initiation solution that delivers account-to-account (A2A) payment capabilities to enhance the speed and increase the security of transactions for merchants across Europe.

“SEPA Instant has provided a foundation for additional fast and secure payment solutions for our eCommerce clients,” comments Carlo Bovero, Global Head of Cards and Innovative Payments at BNP Paribas. “The advent of Open Banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage Open Banking APIs to manage cash-flow in real time and deliver better checkout experiences.”

According to BNP Paribas, Instanea will easily integrate with popular shopping carts and payment gateways to deliver immediate payment settlement and enhance security. Risks like chargeback, are also eliminated as payments are authenticated by the customer in their banking portal.

Recently, the banking group announced the launch of BENEtracker, a new solution that allows international credit transfer issuers to offer their beneficiaries real-time monitoring of their transactions. BENEtracker is accessible to all BNP Paribas corporate clients, via their e-banking tool – Connexis Cash or Ma Banque Entreprise.

“Token is helping first-movers like BNP Paribas leverage open banking and establish strategic advantage,” adds Todd Clyde, CEO of Token. “BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants. Not only do open payments dramatically reduce the risk of eCommerce chargeback, they also enhance the customer experience and boost conversion. We look forward to helping BNP Paribas Instanea drive the take up of instant payments as it is rolled out across Europe.”