Token provides banks with open API technology that enables third parties to securely access banking services in real time. The PSD2-compliant open banking platform creates an ecosystem of banks and developers where they can easily and securely move money and information on a global scale. Recently, the company was selected by Plug and Play ADGM for the second batch of its FinTech program (2019).
Token supplies software that enables banks to transform PSD2 from a compliance project and major threat into a significant new revenue opportunity from a new digital payment network and an API ecosystem. Token achieves two key objectives with a single, integrated “banking as a platform” solution:
1) full compliance with the EU PSD2 directive while reducing risk, and
2) creation of a new, modern, open payment network enabling banks to monetize without fee caps
PRODUCTS & SERVICES:
The solutions offered include:
PSD2 Compliance: It offers turnkey PSD2 compliance solutions that enable banks and financial institutions to meet PSD2 requirements by integrating with the TokenOS cloud service. This will allow third parties (AISPs and PISPs) to access customers’ bank accounts via the TokenOS API.
B2B Payments: B2B payments are powered by smart tokenization that enables buyers to authorize smart token payments, which can then be requested by the supplier from the buyer’s bank by redeeming the smart token.
Account Aggregation: It enables users to aggregate customer account data with a single request. Businesses can utilize the TokenOS API to access their clients’ information such as account balance and transaction history from their accounts at other banks.
Payment Initiation: It enables the Payment Initiation Service Provider (PISP) to initiate payments on behalf of their customers. The PISP can simply onboard the Token network and add the Token Quick Checkout widget to their checkout system.
Banking, financial institutions, and E-commerce companies.
Token features include crypto-signed API calls; third-party developer tools; cross-border transfers using high performance shared currency ledgers hosted at central banks; a new paradigm for payments ("programmable money"); and tools for banks to manage pricing with regard to optimizing profitability for both retail and corporate transactions.
PRODUCTS & SERVICES:
Payment system for the digital era
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TOP PROBLEM SOLVED:
Problems associated with PSD2 compliance for banks in EU including 1) mass security breaches, 2) disintermediation, 3) negative ROI