Token goes live with Open Banking payments in Italy

Open Banking payment platform Token has added Italy to its connectivity network, to offer account information services (AIS) and payment initiation services (PIS) in the country.

The platform’s customers can now initiate Open Banking-enabled account-to-account (A2A) payments and access aggregated bank account and transaction data for 84% of bank accounts in Italy.

The connected banks include Bancoposta, Intesa Saopaolo, UniCredit, Banco BPM, Iccrea Group, BPER Banca, Monte Paschi, BNP Paribas, Banco Mediolanum, BNL and Credit Agricole.

Token’s Open Banking connectivity, which is based on direct bank integrations that are 100% API-based for both PIS and AIS, now reaches more than 80% of bank accounts in each of its 15 markets.

Those markets include the UK, France, Germany, Poland, Latvia, Spain and Portugal.

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

Todd Clyde, chief executive officer of Token, said: “We are making Open Banking payments a truly pan-European mainstream payment method, and are excited that businesses can now deliver all the benefits of lower cost, instant, secure Open Banking payments to the Italian market.”

He added that the “thriving” Open Banking payments market is forecast to surpass $334 billion globally by 2027.

A recent report published by Juniper Research revealed that, by 2027, Europe will account for 81% of global Open Banking payment volumes and $288 billion in transaction values.