Token expands Open Banking payments connectivity to Ireland

Token has added Ireland to its Open Banking payments connectivity network, which now includes Ireland’s largest banks, including Allied Irish Banks, An Post and Bank of Ireland.

With the addition of Ireland, Token offers Open Banking coverage in 14 countries, connecting to more than 80% of bank accounts in the UK, France, Germany, Poland, the Netherlands, Austria, Belgium, Hungary, Lithuania, Estonia, Latvia, Spain and Portugal.

Among the other Irish banks included in Token’s connectivity network are Elavon Financial Services, Permanent TSB, Revolut and SumUp.

The expansion means that payment service providers can launch their own Open Banking payment capabilities for the Irish market through Token’s single API and interface.

Earlier this year, Token raised $40 million in a Series C funding round, with the aim to help scale its Open Banking connectivity across Europe.

Todd Clyde, CEO of Token, said: “Our vision is to be the leading global Open Banking enabler for the payments industry. Continuously expanding our connectivity is key to this.

“We’re committed to offering our customers industry-leading breadth and depth of coverage, the industry’s highest success rates across Europe, and cutting-edge Open Banking payment capabilities.”

First customer

Token’s first customer in Ireland is payment request platform Prommt.

Through its ‘Pay by Bank’ brand, underpinned by Token’s technology, Prommt enables merchants to send secure, branded bank payment requests via SMS, email and Whatsapp.

Donal McGuinness, CEO of Prommt, anticipates that Open Banking innovations will drive a “gradual but accelerating shift” from traditional B2B bank transfers to faster, seamless account-to-account (A2A) bank payments.

“Higher value B2C transactions will also undergo a repositioning of the card and bank payment mix. The uptake of this A2A payment alternative is already very strong, with merchants quickly recognising the immediate impact on their profitability,” McGuinness added.

Clyde is speaking on the main stage at Open Banking Expo UK in London on 20 October, in a session titled ‘Keeping ahead of the curve – can anyone top the Uber payments journey?’. To find out more about the agenda and to get your tickets for the event, for which Token is a headline partner, click here.