Token expands Open Banking connectivity to Romania

Open Banking payment platform Token has expanded its Open Banking connectivity network to Romania, where it now offers Account Information Services (AIS) and Payment Initiation Services (PIS).

It is the second European market Token has entered this year, having revealed in February the addition of Italy to its connectivity network, which today spans 16 markets. Token now leads the Open Banking market, with API-based connectivity built and maintained in-house covering over 80% of bank accounts in each of its supported markets.

Following its launch in the country, Token’s customers can initiate Open Banking-enabled account-to-account (A2A) payments and access aggregated bank account and transaction data for more than 81% of bank accounts in Romania.

Among the connected banks in Romania are Banca Transilvania, Banca Comerciala Romana, ING, Raiffesen Bank, UniCredit Bank and BRD Groupe Societe Generale.

“Token’s latest market expansion unlocks new opportunities for global payment providers to tap the thriving Open Banking payments market, which is predicted to surpass $13.9 billion in Central and Eastern Europe alone within the next four years,” said Token’s chief executive officer, Todd Clyde.

“Token is making Open Banking payments a truly pan-European and mainstream payment method, as one of the few providers offering connectivity in Romania, and we are excited that businesses can now deliver the benefits of Open Banking services to this unique market,” he added.

Juniper Research recently reported there are currently 11 million users of Open Banking services in Central and Eastern Europe, and that this is expected to exceed 50 million by 2027, alongside a rise in API calls in the region, to above 76 billion annually.

Last October, Token added Ireland to its Open Banking payments connectivity network.

Token is the headline partner for Open Banking Expo UK 2023, having supported Open Banking Expo’s flagship event last year as headline sponsor.