Contis and Token to drive value of digital payments functionality

By Megha Bhattacharya

European payment solutions provider Contis announced a strategic partnership with open banking payments platform, Token in a bid to create new value for payment service providers, banks and merchants across Europe.  The partnership is expected to enable Token’s merchant, digital wallet and PSP customers to perform account pay-outs and refunds via the Token platform using established payment rails, such as Faster Payments in the UK, SEPA and SEPA Instant across the EEA.

“…Partnering with Contis enables Token to extend the payments functionality we deliver to our merchant, digital wallet and PSP customers,” commented Todd Clyde, CEO, Token. “Currently, it isn’t possible to perform wallet pay-outs or issue refunds using open banking APIs. Contis allows us to deliver this functionality efficiently and inexpensively across a host of different rails. It also gives us access to payments processing, merchant accounts and FX services all inhouse. This breadth of capability provides terrific scope for us to develop new points of value for payment providers in the future.”

Contis’ corporate customers will also be able to benefit from open banking including a reduction in the cost of payment initiation with Token’s account-to-account payments and data services. Post-completion of platform integration, Contis will be able to utilise Token’s AISP and PISP functionality to deliver open banking services to their end-customers through its platform.

“Putting Token’s open banking services together with Contis’ digital payment solutions provides huge opportunities for innovation,” commented Peter Cox, Executive Chairman, Contis. “Contis’ end-to-end platform and alternative account technology enables every company to build their own bespoke payments solution. Now that these solutions can leverage Token’s pan-European bank connectivity, they can help corporates to drive down costs by using account-to-account payments. By procuring each other’s services in this rare two-way partnership, both our organisations have strengthened our propositions and will continue to drive growth.”