Ecommpay Expands Partnership with Token.io to Enhance Real-Time Open Banking Payments Across New Markets

Ecommpay, a leading global payments platform, has announced the expansion of its partnership with Token.io, a top account-to-account (A2A) payment infrastructure provider, to optimize real-time open banking payments in four new European markets: the Netherlands, Spain, France, and Ireland. The extended partnership introduces Token.io’s virtual accounts into Ecommpay’s Open Banking Advanced solution, delivering significant improvements in cash flow, transaction efficiency, and customer experience for e-commerce businesses.

This strategic enhancement builds on Ecommpay’s long-standing collaboration with Token.io, which powers its open banking payment solutions across the UK and Europe. By adding local settlement IBANs for the new markets, Ecommpay is addressing a key pain point for merchants—IBAN discrimination—which often delays payment processing and settlement. The introduction of local IBANs for these countries eliminates such delays, allowing for the faster acceptance of funds through SEPA Instant payments, ensuring smoother and more efficient transactions.

Improving Transaction Efficiency with Virtual Accounts

With the integration of Token.io’s virtual accounts, businesses leveraging Ecommpay’s Open Banking Advanced solution will benefit from real-time settlement confirmations and the ability to automate refunds or payouts via API, streamlining payment processes. This not only improves transaction speed and operational efficiency but also ensures that merchants receive funds faster, enhancing overall cash flow management.

In addition, by providing local IBANs in more markets, virtual accounts help reduce the likelihood of payment discrimination. The combination of open banking and SEPA Instant technology allows e-commerce merchants to receive payments more quickly and securely, improving the customer experience and boosting conversion rates for merchants.

Moshe Winegarten, Chief Revenue Officer at Ecommpay, commented:

“We are thrilled to extend our virtual accounts offering to more markets, building on our existing partnership with Token.io. By providing businesses with local IBANs and seamless payments, we are reinforcing our commitment to driving financial inclusion and enhancing local payment capabilities to improve the customer experience. This will, in turn, support better conversion rates for merchants.”

Todd Clyde, CEO of Token.io, added:

“We are excited to enhance Ecommpay’s Open Banking Advanced solution with Token.io Virtual Accounts, which enable instant refunds and payouts, among other key capabilities that help Payment Service Providers (PSPs) unlock the full potential of open banking payments for a vast range of markets and use cases.”

“Our partnership with Ecommpay continues to demonstrate the immense potential of open banking in transforming payment experiences and highlights the opportunities that PSPs can realize when they embrace innovative, customer-centric solutions,” Clyde added.

Driving Financial Inclusion and Transforming the Payment Landscape

As one of the first payment service providers (PSPs) to introduce open banking-enabled payments in 2020, Ecommpay has been at the forefront of this payment revolution, enabling businesses to take advantage of the many benefits that open banking provides. With the total number of open banking-enabled payments projected to surpass 5.3 billion across Europe by 2027, Ecommpay’s early adoption of this technology underscores its dedication to innovation and customer-centric payment solutions.

Ecommpay’s Open Banking Advanced solution, a key offering in its suite of services, is specifically designed for enterprises looking to leverage the benefits of open banking. The addition of Token.io’s virtual accounts offers e-commerce merchants greater speed, security, and convenience in handling transactions.

The partnership’s extension aligns with Ecommpay’s ongoing mission to drive financial inclusion and enhance the local payment experiences of merchants and consumers. By leveraging Token.io’s direct bank connectivity and innovative infrastructure, Ecommpay is empowering businesses in the Netherlands, Spain, France, and Ireland to harness the advantages of real-time payments, including reduced processing costs, faster access to funds, and improved cash flow management.

Open Banking and the Future of Payments

Open banking-enabled payments, often referred to as ‘Pay by Bank,’ offer significant advantages over traditional payment methods. For merchants, open banking solutions reduce transaction fees, provide immediate access to funds, and simplify cash flow management. For consumers, they enable secure, seamless payments without the need to enter card details or share sensitive financial information. As the adoption of open banking continues to grow across Europe, these solutions will play a pivotal role in promoting financial inclusion and creating more efficient, user-friendly payment processes for all.

With its continued investment in open banking, Ecommpay is well-positioned to lead the way in transforming payment systems for merchants across Europe, providing them with cutting-edge tools to thrive in an increasingly competitive and fast-moving e-commerce landscape.