Token, a crypto-payment network based in Silicon Valley, has entered into a strategic partnership with Indian IT and consulting firm VirtusaPolaris to enable banks to build next generation digital products and services.
Under the agreement, Indian IT firm will both resell Token’s programmable money network to banks and financial service providers and provide Token with systems integration support.
Also, VirtusaPolaris will focus on developing its own suite of services that will leverage Token’s underlying smart tokenisation technology.
Token founder and CEO Steve Kirsch said: “The Token network enables banks to transact with programmable money, which makes it incredibly versatile. VirtusaPolaris has understood this potential and moved quickly to partner with us.
“It’s great news for us; not only do we now have a partner that can help us show banks how they can monetise PSD2, we also have a co-developer with a wealth of experience and engineering skills for new services and propositions.”
Stephen Holmes, head of technology, FinTech Labs at VirtusaPolaris, said: “The opportunities for banks offered by programmable money are remarkable and Token’s network and API ecosystem is the most comprehensive proposition we’ve seen.
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“Using the Token network to establish banks’ compliance with PSD2 is a smart starting point, but that’s really just the beginning. Token enables any kind of value-based transaction, from a low value domestic purchase to a vast international bank-to-bank money transfer, to be conducted securely, instantly and without reliance on third parties. We’re hugely excited by this partnership, which builds upon our recent launch of our OpenBanking API Accelerator.”
Using Token’s network, banks can issue and redeem payment authorisations as smart tokens which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. They can also execute API callouts to external web services, enabling value added services to be integrated in just the same manner.
It can also reduce bank’s security vulnerabilities, since it ensures that sensitive card or account data never leaves the bank’s systems.