Fintech firm Flutterwave has announced a partnership with Token.io, a top account-to-account payment infrastructure provider in Europe, to offer Pay By Bank transfer services. This collaboration allows Flutterwave to give its African e-commerce merchants better access to customers in the UK and EU, while Token.io can leverage Flutterwave’s presence in Africa to enable a Pay By Bank method for businesses on the continent.
A2A payments, also known as Pay By Bank, are a fast and secure way to transfer money between bank accounts. With open banking technology, A2A payments eliminate the need for registration or entering error-prone data, resulting in a seamless payment method. Users authenticate A2A payments directly with their bank, ensuring a frictionless experience with higher success rates than traditional methods. Merchants benefit from cost savings and instant settlement, improving cash flow.
Flutterwave’s CEO, Olugbenga “GB” Agboola, stated that the partnership with Token.io will make it easier and faster for individuals and businesses to send and receive money.
Token.io’s CEO, Todd Clyde, expressed confidence that their infrastructure will enhance Flutterwave’s payment solution, especially in the UK, Europe, the Middle East, and Africa.
Token.io’s A2A infrastructure, powered by open banking, enables payment providers to launch their own A2A payment capabilities, expanding their market share. Token.io has extensive connectivity with over 567 million bank accounts in 16 European countries, covering more than 80% of accounts in each market.
Flutterwave, with over a million customers across 34 African countries, is a payments technology company that facilitates payments, processing, and the development of financial products. Through Token.io’s technology, Flutterwave’s Collect Payments product now offers A2A payment capabilities for businesses. In the future, Pay By Bank services will also be available on Flutterwave’s cross-border payment platform, Send by Flutterwave, making money transfers easier for Africans in the UK/EU who want to send money back home.
ALSO READ; Safaricom’s M-Pesa License Approval in Ethiopia Paves Way for Financial Inclusion and Innovation
