Flutterwave partners Token.io to ease bank transfer to UK, EU
Africa’s leading payments technology company, Flutterwave has Announced a collaboration with Token.io, A2A payments (often called ‘Pay By Bank’) for a fast and secure way to move Europe’s leading account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities on Flutterwave’s platform. The announcement was made today at the Money20/20 Europe fintech conference in Amsterdam.
The collaboration will enable Flutterwave to give its African e-commerce merchants enhanced access to UK and EU customers, while Token.io leverages Flutterwave’s presence in Africa to enable a Pay By Bank method for businesses in the continent.
Open banking-powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.
CEO, Flutterwave, Olugbenga Agboola, said: “Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money,” commented. By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy,” he added.
Also, CEO, Token.io, Todd Clyde, said: “We’re confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East and Africa corridors.” This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”
Powered by open banking, Token.io’s A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow their market share. Token.io offers the highest performing and deepest connectivity for open banking powered A2A payments in the industry, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.
Flutterwave is a payments technology company that enables customers including Uber to send and collect payments, process payments, and build financial products. Flutterwave currently supports over a million customers across 34 countries in Africa. Enabled by Token.io’s technology, A2A payment capabilities are now available through Flutterwave’s Collect Payments product for businesses.
Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3. This will further simplify money transfer for Africans in the UK/EU looking to send money back home.