Flutterwave collaborates with Token.io to provide pay by bank transfer to users in Europe
Token.io, a provider of account-to-account (A2A) payment infrastructure in Europe, and Flutterwave, an African payments technology firm, worked together to power Pay By Bank transfer capabilities for Flutterwave’s platform. At today’s Money20/20 Europe fintech conference in Amsterdam, the news was made.
Money can be transferred quickly and securely between bank accounts using A2A transfers, sometimes known as “Pay By Bank.” A2A payments supported by open banking don’t require registration or tedious data entry, making them a convenient payment option. With little friction and greater success rates than industry standards, end users authenticate A2A payments with their bank directly. A2A payments save businesses money over conventional payment methods and settle immediately to increase cash flow.
According to Olugbenga “GB” Agboola, CEO of Flutterwave, “our partnership with Token.io will make it even faster and easier for people and businesses to pay and receive money.” “Flutterwave will advance its mission of connecting Africa to the global economy by partnering with Token.io to offer Account-to-Account payments to our customers,” he continued.
“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,” said Todd Clyde, CEO of Token.io. This agreement demonstrates our dedication to enable payment providers to expand via open banking-powered A2A payments, which are anticipated to reach annual volumes of over 6.5 billion by 2027.
Token.io’s A2A infrastructure, powered by open banking, enables payment providers to introduce their own A2A payment capabilities in order to increase market share. With access to over 567 million bank accounts (80%+ of accounts per market) across 16 European nations, Token.io provides the industry’s highest performance and deepest connection for open banking-powered A2A payments.
A payments technology startup called Flutterwave gives clients like Uber the ability to transmit and receive payments, process payments, and create financial products. Currently, Flutterwave serves one million users in 34 African nations. A2A payment capabilities are now accessible through Flutterwave’s Collect Payments offering for businesses thanks to the technology of Token.io.
