Token, a turnkey open banking platform provider, has secured formal authorisation from the UK’s Financial Conduct Authority (FCA) to provide payment initiation and account information services, under the directives of PSD2.

Token allows banks, merchants and other third-party providers (TPPs) to connect to any bank in the EU for payments and account information requests through its universal open API banking platform.

Token said the new service solves the integration problem being faced across the industry due to use of numerous, proprietary bank APIs.

Token co-founder Marten Nelson said: “Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to become PSD2 compliant and to expand into open banking-based payments and data aggregation services.

“From May 1st, all transacting businesses can connect to Token and accelerate their growth in payments and data by leveraging open banking.”

The FCA licence will allow Token to connect UK customers to its platform. The UK licence will also give the company right to set up similar domestic authorisations in neighbouring EU countries much faster than before.

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“Token’s ecosystem enablement begins with connecting banks, merchants and consumers across the EU together via an easy to integrate, low cost and secure platform,” Nelson added.

“Crucially, however, we’re also creating a platform that provides a great environment for third party developers. These are the businesses that will make open banking really fly, when they create all the awesome payment and aggregation apps and services that end-users want.”