Token.io & Santander partner to advance open banking payments

By Gloria Methri

Token.io, the account-to-account (A2A) payment infrastructure provider, has announced a partnership with Santander UK. The collaboration will leverage Token.io’s open banking connectivity and infrastructure to enhance Santander’s customer experiences and develop real-time payment propositions.

The partnership was announced today during the opening keynote at the Open Banking Expo in London by Santander’s Chief Payment Officer Paul Horlock, and Token.io’s Chief Executive Officer Todd Clyde.

Initially, Santander will leverage Token.io’s infrastructure to offer payment directly from an external bank account as a credit card repayment option. With direct account-to-account (A2A) payment for card repayments, Santander customers can enjoy a more seamless payment experience than direct debit or manual bank transfers. This solution eliminates error-prone manual data entry and supports biometric Strong Customer Authentication (SCA) for payments made on mobile devices.

In addition, Santander plans to utilise Token.io’s infrastructure to modernise real-time money movement for its retail banking clients.

Token.io CEO Todd Clyde said, “We are thrilled to partner with Santander, a forward-thinking institution committed to driving open banking innovation and enhancing the experience of millions of customers. Token.io’s technology, combined with Santander’s dedication to exceptional service, will undoubtedly set new standards for how financial institutions leverage open banking to create innovative value propositions that meet the evolving needs of consumers and businesses.”

Token.io’s solution is proven by a blue-chip clientele that includes HSBC, Mastercard, BNP Paribas, Santander, ACI Worldwide and Global Payments.

As a wholly owned subsidiary of Banco Santander, Santander UK serves over 14 million active customers in the UK and offers a comprehensive range of financial products and services. From mortgages and auto finance to unsecured loans, credit cards, banking, savings accounts, investment, and insurance products, Santander provides tailored solutions for individuals and growth-focused support for businesses.