Token to deliver PSD2 RTS compliance and integrate account aggregation and bank direct payments solutions as part of a strategic partnership with Tandem Bank
25 March 2019 – Turnkey open banking platform provider, Token.io Limited, today announces that its technology is enabling digital challenger bank Tandem to achieve PSD2 compliance and leverage open banking opportunities.
Tandem is a digital-only bank that provides a money management app, credit cards and fixed-rate savings accounts to more than 500,000 consumers across the UK. It is integrating Token’s full suite of open banking solutions into its core platform, including APIs, to facilitate PSD2 compliance.
Having hit the March 14th deadline for technical specifications, support and a testing facility, Tandem is now looking to look beyond core compliance, developing innovative new services that make use of new opportunities around payments. The bank is the first institution built from the ground up with open banking in mind.
Ricky Knox, CEO, Tandem, says: “So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently. This means we can focus our efforts on differentiating ourselves with an improved user experience – leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”
As well as PSD2 compliant APIs, Tandem has the option of using Token BankPay to enable frictionless bank direct payments and Token Connect to expand its catalogue of aggregated banks through a single integration. Token’s solutions will allow Tandem to comply with PSD2 quickly and efficiently, enabling the bank to invest its time and capital into improving user experience and offering innovative new open banking services to customers.
Steve Kirsch, Founder and CEO, Token adds: “Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products. Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”
Token will provide Tandem with a turn-key PSD2 API, as well as outsourced TPP management, certification and support, which is significantly more cost effective than alternatives. Token’s PSD2 solution is on average 70% less expensive to implement than other products currently available.
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Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.
Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
Token is a recognised industry leader, winner of the Open Banking category in the 2018 London Institute of Banking & Finance’s Financial Innovation Awards and named as one of the top ten companies to watch globally in the 2017 Financial Times Future of Fintech shortlist. CB Insights named Token in their 2017 global annual ‘The Fintech 250’ ranking and in 2016 Token was the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
Built with over 11,000 cofounders, Tandem is an all-digital bank partnering with its customers to liberate them from money stress. They help people get tough with money, which is the first step to living a richer life.
Tandem do this through a banking app app that uses account aggregation and artificial intelligence to proactively help customers understand what they afford, borrow better, budget for upcoming payments and save on bills, avoiding sneaky fees and forgotten subscriptions. This leaves them with more money to spend on the things they love.
Tandem also offer a range of banking products that help people spend and save. Their top pick credit cards don’t charge fees on overseas spending and offer MasterCard’s leading exchange rate, whilst their savings solutions span market leading fixed term savers and a flexible account powered by smart Autosavings rules.
Tandem Bank Limited is authorised by the Prudential Regulatory Authority and regulated by the Prudential Regulatory Authority and the Financial Conduct Authority
For more information, please visit www.tandem.co.uk