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December 12, 2019updated 18 Dec 2019 4:27pm

Token’s spinout company will provide digital money solutions

By Mohamed Dabo

Open banking platform provider Token.io has formed a spinout company focused on developing digital money solutions.

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The new company is called M10 Networks—the new name of spin off digital money solutions Token X. It will concentrate on building out a bank-grade digital money rail.  M10 will enable banks to perform international money transfers, settlements and remittances instantly and at a low cost.

Token allows banks and other players in the payment ecosystem to build bank direct payment methods and data aggregation solutions for their customers. Such players include merchants and payments processors.

The token platform aims to raise security and reduce fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Steve Kirsch, CEO of M10, adds: “M10 is a new digital money payment rail that enables banks to increase their financial agility and evolve a new suite of international transfer services for their corporate and retail customers.

Token and M10 will leverage synergies

“Our mission is to overcome the problems related to transferring money internationally, so people worldwide can do business without friction. Om M10, intra-bank transfers, cross-border remittances, FX, loT payments and B2B payments can all be performed in real-time, with no counterparty risk and at a lower cost than existing rails.”

He says M10 is already in proof-of-concept trials with several financial institutions, and will soon be announcing its first customers.

Jo Oliver, a partner at Octopus Ventures, comments: “Spinning M10 out from Token is a strategic decision that will give both teams the dedicated resources they need to thrive. While Token extends its global leadership in open banking, M10 can now establish a new category in digital money.

“This is an exciting moment in the history of both companies, and we look forward to working with Token and M10 as they continue to grow.”

Token says it will continue to consolidate its position in the open banking infrastructure. Token and M10 will remain close partners to enable synergies for their respective customers.

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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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