Flutterwave, Africa’s payments technology company, has collaborated with Token.io, Europe’s account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave’s platform.
The announcement was made today at the Money20/20 Europe fintech conference in Amsterdam.
Why This Matters
A2A payments (often called ‘Pay By Bank’) are a fast and secure way to move money between bank accounts. 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.
What They’re Saying
“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money,” commented Olugbenga “GB” Agboola, CEO of Flutterwave.
“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.
“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 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.”
By The Numbers
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.
Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3.
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