Flutterwave and Token.io partner to provide pay by bank transfer to users in UK and EU
Flutterwave, Africa's
payments technology company, has collaborated with Token.io, Europe's
account-to-account (A2A) payment infrastructure provider, to power Pay By Bank
transfer capabilities for Flutterwave's platform. The announcement was made
today at the Money20/20 Europe fintech conference in Amsterdam.
A2A payments (often
called 'Pay By Bank') are a fast and secure way to move money between bank
accounts. Open banking powered A2A payments do not require registration or
error-prone data entry, making them a seamless payment method. End-users
authenticate A2A payments directly with their bank for a frictionless experience
that also delivers higher success rates than market standards. A2A payments
offer merchants cost savings compared to traditional payment methods and settle
instantly to improve cash flow.
"Our partnership
with Token.io will make it even faster and easier for individuals and
businesses to pay and receive money," commented Olugbenga "GB"
Agboola, CEO of Flutterwave. "By partnering with Token.io to provide
Account-to-Account payments to our customers, Flutterwave will advance its
mission of connecting Africa to the global economy," he added.
"We're confident
that Token.io's infrastructure will help Flutterwave offer its customers a more
comprehensive payment solution, with A2A payments being a key part of this for
UK, Europe, Middle East and Africa corridors," said Todd Clyde, CEO of
Token.io. "This partnership underscores our commitment to enabling payment
providers to grow with open banking powered A2A payments, which are projected
to exceed 6.5
billion in annual global volumes by 2027."
Powered by open banking,
Token.io's A2A infrastructure enables payment providers to launch their own A2A
payment capabilities to grow their market share. Token.io offers the highest
performing and deepest connectivity for open banking powered A2A payments in
the industry, reaching over 567 million bank accounts (80%+ of accounts per
market) in 16 European countries.
Flutterwave is a
payments technology company that enables customers including Uber to send and
collect payments, process payments, and build financial products. Flutterwave
currently supports over a million customers across 34 countries in Africa.
Enabled by Token.io's technology, A2A payment capabilities are now available
through Flutterwave's Collect Payments product for businesses.
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