Flutterwave, Africa’s payments technology company, has partnered with Token.io, an account-to-account (A2A) payment infrastructure provider in Europe, to integrate Pay-By-Bank transfer capabilities into Flutterwave’s platform. This announcement was made at the Money20/20 Europe fintech conference in Amsterdam.
A2A payments, commonly known as ‘Pay-By-Bank,’ offer a secure and swift method to transfer funds between bank accounts. By leveraging open banking, A2A payments eliminate the need for registration or error-prone data entry, resulting in a seamless payment experience.
End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. 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,” said Olugbenga “GB” Agboola, CEO of Flutterwave. “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,” he added.
“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,” said Todd Clyde, CEO of Token.io. “This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”
Token.io’s A2A infrastructure, powered by open banking, enables payment providers to launch their own A2A payment capabilities, facilitating market expansion. With deep connectivity to over 567 million bank accounts (representing 80 percent+ of accounts per market) in 16 European countries, Token.io offers the most robust and high-performing open banking powered A2A payments in the industry.
Flutterwave, known for enabling payments and financial product development for customers like Uber, currently serves over a million customers across 34 African countries. By integrating Token.io’s technology, Flutterwave’s collect payments product for businesses now includes A2A payment capabilities.
In the coming months, Pay-By-Bank capabilities will also be introduced to Flutterwave’s cross-border payment platform, Send by Flutterwave, simplifying money transfers for Africans residing in the UK and EU who wish to send money back home.
Furthermore, the collaboration between Flutterwave and Token.io underscores their commitment to leveraging open banking to provide advanced payment solutions, benefitting customers, merchants, and the global economy as a whole.