Token.io announces Scandinavian expansion with Paysafe

By Gloria Methri

Token.io, the account-to-account (A2A) payment infrastructure provider has announced the expansion of its direct open banking connectivity network to Sweden, Norway, Denmark, and Finland. The FinTech now offers Account Information Services (AIS) and Payment Initiation Services (PIS) services in these regions.

This unlocks new opportunities for Payment Service Providers (PSPs), including payment platform Paysafe, which has expanded its coverage with Token.io to offer consumers and merchants a frictionless service in Denmark.

Paysafe’s A2A payment capabilities (also known as Pay by Bank) allow customers to pay merchants securely and directly from their bank account using their online banking to authenticate the payment. The purchase or account top-up takes place immediately and directly through the website or the gateway of the merchant.

Todd Clyde, CEO of Token.io said, “The expansion of Token.io’s connectivity network in Scandinavia demonstrates our commitment to contributing to the evolution of the European payments landscape. Not only are we committed to enabling the growth of customers like Paysafe, but it is our mission to enable Pay by Bank to become a mainstream payment method so that more merchants and consumers can benefit from better payment experiences.”

James Tiltman, VP Product, Alternative Payments, Paysafe said, “We are excited to expand our relationship and coverage with Token.io, utilising its bank integration infrastructure to fuel our Pay by Bank solution. The recent boom of open banking is nothing short of a revolution, empowering consumers with seamless transactions, control over their financial data, and a plethora of innovative services.”

Token.io enables payment service providers (PSPs) like Paysafe to offer a pan-European A2A payment method through a single integration to our API.

Token.io offers direct connectivity for open banking-enabled payments and data access to a minimum of 80% of bank accounts in each of its 20 supported markets. Its expansion into Scandinavia is the latest in a series of milestones for the company.