Account-to-account (A2A) payment infrastructure provider, Token.io, has partnered with Flutterwave, an African payments technology company. The partnership will power Pay By Bank transfer capabilities for the Flutterwave platform. By working with Token.io, Flutterwave can give its African e-commerce merchants enhanced access to UK and EU customers. This will advance its mission of connecting Africa to the global economy.
A2A payments (often called ‘Pay By Bank’) are a fast and secure way to move money between bank accounts. Open banking powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience, delivering higher success rates than market standards.
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A2A payments: instant settlement and improved cash flow
Moreover, A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.
“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money. 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,” said Olugbenga Agboola, CEO of Flutterwave.
“We’re confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East and Africa corridors,” added Todd Clyde, CEO of Token.io.
“This partnership underscores our commitment to enabling payment providers to grow. Open banking powered A2A payments are projected to exceed 6.5 billion in annual global volumes by 2027.”
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By GlobalDataToken.io A2A payments: 567 million bank accounts in 16 markets
Open banking powered, Token.io’s A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow market share. Token.io open banking powered A2A payments reach 567 million bank accounts (80%+ of accounts per market) in 16 European countries.
Payment technology company, Flutterwave, enables customers including Uber to send and collect payments, process payments, and build financial products. Flutterwave currently supports over a million customers across 34 countries in Africa. Enabled by Token.io’s technology, A2A payment capabilities are now available through Flutterwave’s Collect Payments product for businesses.
Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, in Q3. This aims to further simplify money transfer for Africans in the UK/EU looking to send money back home.
