Token is driving the adoption of open banking payments in the UK
By Joy Dumasia
Open banking payments platform, Token, released market share statistics showing it is driving open payments adoption in the UK.
In the three years since open banking became a regulatory requirement in the UK, API call volume has increased from 66.8 million in 2018 to 5.8 billion in 2020. Over 2.5 million UK consumers and businesses now use open banking-enabled products, which has caused the number of total payments to grow by over a thousand per cent since 2018.
In addition to significant growth in the UK, Token has partnered with BNP Paribas to launch the first SEPA Instant immediate payments offering for merchants in Europe, BNP Paribas Instanea. Token was also named Hottest Fintech Startup 2021 at The Europas, and together with BNP Paribas, was a finalist for the Best Open Banking Partnership (Commercial) at the 2021 Open Banking Expo Awards.
The company expects a similar acceleration in growth rates in Germany by the end of 2021. Many of its multinational Payment Service Provider (PSP) customers, such as BNP Paribas, are looking to expand their offering in Germany and Austria. Earlier this year, Token established a new EU headquarters in Germany and was granted official authorisation by the German Federal Financial Supervisory Authority BaFin. With this license, it can provide payment initiation and account information services and build on the success of its open banking platform across Europe.
Todd Clyde, Token CEO, said: “At Token, we’re proud to be on the cutting edge of open banking technology. Our recent success at capturing market share and expanding to new markets indicates a very healthy future for Token and for open banking in the UK and across Europe. As open banking reaches a critical tipping point, Token will continue to be at the forefront of the instant digital payment revolution.”