Token granted European payments authorisation by BaFin
By Megha Bhattacharya
Open banking payments platform Token has announced that it has been granted official authorisation by the German Federal Financial Supervisory Authority, BaFin. Token GmbH is now a licensed Payment Initiation Services Provider (PISP) and Account Information Services Provider (AISP) in Germany, with passporting rights planned for an additional 26 countries.
“When the UK left the European Union on the 31st December, third party providers (TPPs) licensed by the Financial Conduct Authority lost their passporting rights in the EU,” commented Token CEO, Todd Clyde.
“We established our European base, secured a temporary license, and applied to BaFin for a permanent licence to minimise disruption from Brexit to our customers. BaFin is the gold standard of regulators and will facilitate easier passporting throughout the EEA. With this licence, we will continue to build on the success of the Token platform across Europe. Our new CTO, Benjamin Pannier, is heading up a great team on the ground in Berlin, with deep expertise in payments and the technical know-how to support the unique needs of banks, merchants and PSPs.”
The company has also announced the establishment of its EU headquarters in Berlin with the appointment of CTO Benjamin Pannier. Token delivers open banking payments functionality to merchants, PSPs and banking-as-a-service platforms. Token’s stack of A2A payment services include funding an account, paying off debt via loan or credit card repayments, paying bills and other eCommerce payments.
“While account-to-account payments are common in Germany, it is still very early days for open banking payments. APIs now make SEPA Instant more accessible and open banking payments will soon challenge the use of cards both online and in-store,” adds Token CTO, Benjamin Pannier. Token’s platform provides unrivalled API connectivity, and a fast-track for businesses to deliver better digital payment experiences to their customers. I look forward to working closely with the Token team to evolve the open banking payments landscape in Germany, and to support the next stage of Token’s European journey.”
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