- Summary:
- The two companies will employ Payment to Bank and Account to Account (A2A) platforms to facilitate secure, cheap and fast money transfer.
Token.io, a leading London-based provider of account-to-account (A2A) payment infrastructure, has partnered with Flutterwave, a prominent payments technology provider in Africa, to enable Pay By Bank transfer functionality on the Flutterwave platform.
Through this partnership, Flutterwave will be able to help its African e-commerce merchants reach a wider audience in the United Kingdom and the European Union. Similarly, Token.io can now leverage Flutterwave’s presence in Africa to roll out its own Pay By Bank option for companies across the continent.
Leveraging A2A and Pay By Bank for greater financial connectivity
A2A payments give retailers cost savings compared to conventional payment methods and settle rapidly, enhancing merchants’ cash flow. Also, A2A payments enabled by open banking are convenient because they don’t necessitate account creation or manual, error-prone data entry. In addition, these types of payment platforms are seamless for customers because they don’t require any action on their part beyond authenticating with their bank.
More than 567 million bank accounts across 16 European nations are connected to Token.io. Thanks to the company’s A2A infrastructure, made possible by open banking, payment providers can offer A2A services of their own, increasing their market share. Flutterwave’s Collect Payments product for businesses now supports A2A payments thanks to Token.io’s enabling technology.
Olugbenga Agboola, CEO of Flutterwave said: “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.”
Meanwhile, Send by Flutterwave, Flutterwave’s international payment platform, will soon include Pay By Bank functionality, with the launch expected in the third quarter of the year. The partnership between the two companies ensures that the process of sending money home to Africa will become even easier for Africans living in the UK and EU. Transferring funds between bank accounts using “Pay By Bank” is a quick and safe option. Additionally, A2A payments offer savings to retailers over conventional payment methods and settle immediately to enhance merchants’ cash flow.