Picture this: Your customer is browsing your business page, eagerly searching for that perfect item. Finally, they find it. Excitement fills their veins as they head to the checkout page, ready to complete their purchase. And there it is, a multitude of payment options, carefully tailored to suit their preferences. At Flutterwave, this is what we’re all about—making this dream a reality for our merchants’ customers.

Today, we’re thrilled to announce our partnership with Token.io, the leading Open Banking payments platform. This collaboration brings your customers an additional, faster, more secure, and cost-effective checkout experience. By complementing our existing payment options, this partnership offers your customers greater choice and flexibility when it comes to paying you. Token.io enables your customers in Europe and the UK to seamlessly pay you from their bank accounts

At Flutterwave, we are on a mission to simplify payments for endless possibilities. We are doing this by building a payment infrastructure that connects Africa to the global economy. This exciting partnership with Token.io further advances our mission, providing your customers with a secure and effortless checkout experience.

So, what is Account-to-Account (A2A) payment? A2A payments allow customers to pay merchants directly from their bank accounts, bypassing traditional methods like credit cards. Thanks to open banking legislation, which requires banks to expose their payment initiation APIs to authorised third parties like Token.io, individuals and businesses in Europe and the UK can enjoy this seamless payment experience. A2A payments offer numerous benefits, including faster transactions, lower fees, and enhanced security.

Token.io provides open banking infrastructure for A2A payments, powering Flutterwave’s new A2A payment capabilities. Here’s what you can expect with this partnership:

  • More Payment Methods: Your customers will have a broader range of options to pay you, reducing drop-offs and abandoned carts, and ultimately improving their overall experience.
  • Faster Payments: A2A payments are processed instantly, making the checkout process quicker and smoother.
  • Lower Costs: Token.io provides a cost-effective alternative to card payments, with lower fees and no chargeback-related costs.
  • Enhanced Security: With payments powered by Token.io, your customers can rest assured knowing their information is safe and transactions are seamless.
  • Expanded Reach: Token.io boasts a massive reach across 15 EU countries and the UK, representing over 250 million potential customers. This partnership expands the benefits of open banking payments to Flutterwave merchants across Africa, enabling them to serve more people and get paid by them.

In 2018, Token.io pioneered its first A2A payment with public bank APIs to each of the UK’s nine largest banks. Today, it continues to push boundaries with plans to launch new capabilities, including A2A payments for subscriptions and one-click e-commerce payments later this year.

We couldn’t be more excited about this partnership, and we are eager to work alongside Token.io to offer you a diverse range of payment options. As the Open Banking landscape evolves, we remain committed to driving the future of payments forward, making it easier for businesses to grow and thrive.

Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3. This will further simplify money transfers for Africans in the UK/EU looking to send money back home. 

You can learn more about this partnership and how to enable this payment method on our FAQs page. If you have more questions or need more information, don’t hesitate to contact us at hi@flutterwavego.com. Our dedicated team is here to guide you through this exciting new development.

Gear up for a new world of payment possibilities with Flutterwave and Token.io. Get ready to experience a seamless, secure, and convenient payment journey like never before.

Published by Owuraku Ohene Ampadu-Kissi

Product marketer