· Open banking platform will allow direct bank payments for Paymentworld's consumer and business customers
· Benefits to customers include lower fees, in-app digital banking
· Token's single API gives businesses instant, direct pay solutions and improved scalability
San Francisco-based open banking platform Token has partnered with payment processor Paymentworld to facilitate direct bank payments and money transfers for consumer and business customers.
Paymentworld currently supports a portfolio of services including international money transfers in more than 400 payment options in 160 countries around the world, an e-wallet product that can process B2B, B2C and P2P independent payment processing, transactions, as well as additional services like loyalty and bonus incentives for users.
By integrating with Token, Paymentworld customers will be able to compete with major companies like Western Union by offering direct bank payments with lower fees and moves many processes to the mobile app, eliminating the inconvenience of having to redirect to their bank's platform. Users can make payments, check account balances and perform other banking functions anytime, from anywhere, without leaving the Paymentworld app.
"Adding bank direct payments to our payment gateway and e-wallet solutions via Token's platform is the next logical step and establishes us as early market-leaders in the new era of open banking," said Paymentworld founder Jens Podewski.
For business users, the deal means greater access to the benefits of open banking. This includes instant, direct bank payments to customers and better integration with Token's single API. There is also added flexibility, scalability and cloud-based security measures to help businesses expand their reach internationally.
"The marketplace already supports traditional payment methods, but the addition of Token's bank-direct payments will be a game changer for merchants," said Podewski. "By providing them with access to instant chargeback and risk-free payments without the need to follow restrictive card scheme rules, even cryptocurrencies can't compete with this on flexibility or cost."
