9th March 2021 – Leading Open Banking payments platform, Token, and BNP Paribas, today announced the launch of the first online payments service to combine the power of SEPA Instant and PSD2 APIs, two major initiatives from the European Payments Council. Developed with Token, BNP Paribas Instanea is a turnkey instant payments initiation solution. It delivers account-to-account (A2A) payment capabilities to enhance the speed and increase the security of transactions for merchants across Europe.
Token’s Open Payments platform is driving the shift from traditional payment methods to A2A payments. It provides pan-European connectivity to banks, and rich functionality to enable existing Payment Service Providers to benefit from Open Banking capabilities.
BNP Paribas Instanea will easily integrate with popular shopping carts and payment gateways to deliver immediate payment settlement and enhance security. Risks like chargeback, are also eliminated as payments are authenticated by the customer in their banking portal.
“SEPA Instant has provided a foundation for additional fast and secure payment solutions for our eCommerce clients,” comments Carlo Bovero, Global Head of Cards and Innovative Payments at BNP Paribas. “The advent of Open Banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage Open Banking APIs to manage cash-flow in real time and deliver better checkout experiences.”
“Token is helping first-movers like BNP Paribas leverage open banking and establish strategic advantage,” adds Todd Clyde, CEO of Token. “BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants. Not only do open payments dramatically reduce the risk of eCommerce chargeback, they also enhance the customer experience and boost conversion. We look forward to helping BNP Paribas Instanea drive the take up of instant payments as it is rolled out across Europe.”
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 68 countries, with approximately 193,000 employees, of which more than 148,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
For further information on BNP Paribas Cash Management: https://cashmanagement.bnpparibas.com/
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Token is an open banking payments platform driving the shift from traditional payment methods to bank payments with best-in-class, Pan-European bank connectivity, data and compliance capabilities. With Token’s complete toolkit, merchants, PSPs and banks create new capabilities and revenue streams through our broadest, Pan-European connectivity to over 3,000 banks. Token is both bank and developer-friendly, and multi-standard by design.
Token Pay offers the simplest way to bypass traditional methods and accept faster, lower cost bank payments. Token Pay provides secure, unified access to banks in Europe to initiate real-time account-to-account payments straight from apps and websites. All from a single interface.
Token has offices in London, San Francisco and Berlin. Token.io Limited is authorised as an AISP and PISP by the Financial Conduct Authority (FCA) in the UK. Token GmbH is in the final stages of coordination with the German Federal Financial Supervisory Authority (BaFin) to receive its license in Germany.
- Retail banking
- Cash Management