European payments processor chooses Token Comply™ to enable regulated account access and Token Pay™ for future account-to-account payment services
21 March 2020 – Leading open banking infrastructure provider, Token.io, has been selected by the digital payments processor, Digital Payments Group (DPG), to provide third party providers (TPPs) with PSD2 regulated API-based access for open banking payment and data requests. By integrating Token’s API, DPG meets regulatory requirements, and dramatically simplifies the process of onboarding TPPs to its platform and fulfilling their requests for open banking payments and account information.
DPG processes millions of transactions every day for businesses and consumers around the world, providing bespoke digital payments and money management solutions with a focus on prepaid cards, reward schemes, eWallet loading, payment processing and issuer processing. Its platform is vertically integrated with an in-house processing engine and full programme management suite, to provide services directly to customers, or as the backbone for programme managers of prepaid and loyalty card schemes or larger financial organisations.
While DPG is not subject to PSD2 regulation, its customers include e-money institutions and e-wallet providers, all of which are required to comply. By integrating Token Comply, DPG is able to provide PSD2 compliant services for its customers and subsidiaries and also realise significant cost savings and efficiencies. Routing customer payments via Token’s API enables instant processing and decreases the cost of payment acceptance by over 50%.
Aleksandra Castanet, COO of Digital Payments Group, says “Token was the clear market leader in this space, so the decision to work with them was easy. Token has enabled a wide range of payment-related businesses to successfully comply with PSD2, so we were confident they would hit our development timeframes. Using Token, we can offer regulated account access to our customers without needing a license ourselves. This is a key benefit for us and reinforces what we already knew: that Token doesn’t just tick a compliance box, it offers a fast track to lower costs and faster services that give us the edge in open banking.”
Todd Clyde, CEO of Token, says “Given the short time available, a simple, turnkey integration is vital for anyone looking to comply by the March deadline. DPG is looking to go beyond basic compliance, however, and our platform supports this phased approach. With the compliance box ticked, we will then enable DPG to initiate account-to-account payment services for their customers, via our Token Pay product, later in the year. We’re about turning the compliance spend into an investment, one that that will make future returns through the launch of new, compelling open banking services.”
For financial institutions yet to comply, new entrants to the European market or market platforms like DPG, Token Comply enables full PSD2 and RTS compliance. With a single integration, the platform provides an open API, white-label sandbox and documentation, and superior TPP onboarding for data and payments. For more information, visit www.token.io.