This year, independent analysts ranked Token.io as one of the top account-to-account payment infrastructure providers globally.
As the new year looms, we unpack why we are recognised as a leading provider — and what made 2024 an exceptional year for Token.io and the evolution of A2A payments.
Setting benchmarks and pushing boundaries
This year, we launched plug-and-play Hosted Payment Pages to enhance user experiences and maximise conversions for our partners. We also enabled our partners, like Ecommpay, to enhance their open banking payment solutions with Token.io Virtual Accounts, which enable instant confirmation of funds, API-driven refunds and payouts, and reduce the possibility of payment (IBAN) discrimination.
We continued to expand our open banking connectivity network with the addition of Luxembourg, ensuring end merchants can reach more payers in more markets. With the broadest and deepest connectivity, we continue to set the industry benchmark, enabling payment initiation to 80% of bank accounts in each of our 21 supported markets.
As a first-mover, we also joined the SEPA Payment Account Access (SPAA) scheme this year, which is paving the way for the next wave of premium API-driven payment innovation in Europe. (To learn why SPAA should be on your radar in 2025, we highly recommend giving this episode of Open Banking Expo’s Unplugged podcast a listen.)
Waves of impact
Token.io’s unique combination of industry-leading connectivity, white-label infrastructure and white-glove service is enabling financial institutions like HSBC and BNP Paribas to offer cutting-edge pay by bank solutions, while our new partnership with Santander has further solidified Tokenio’s role as the infrastructure partner of choice for financial institutions.
This year, Token.io also enabled payment service providers to drive a new wave of Pay by bank adoption. For instance, we worked closely with our partner Global Payments to enable Bank Payments for Virgin Money credit card repayments: a project that received Open Banking Expo Awards recognition for its significant impacts, including 92% user adoption within six weeks, a twofold improvement in customer satisfaction, and a 70% reduction in processing costs.
With adoption of Pay by bank evolving in 2024, credit card repayments and other financial services use cases emerged as runaway successes. Token.io now claims the greatest share of credit card repayment volumes in the United Kingdom, where 2 in 5 credit cards in circulation can be repaid with ‘Pay by bank.’
Impact that resonates
We were honoured to be recognised for Token.io’s recent and cumulative impacts on the payment landscape, receiving:
Best Use of Open Banking for Payments from the Merchant Payment Ecosystem awards
Open Banking Innovation Platinum Award (First Place) from Juniper Research’s Future Digital Awards
Best Open Finance System from Fintech Futures’ Banking Tech Awards
Our CEO, Todd Clyde, was also named the Future Digital Awards’ Judges Choice - Mover & Shaker of the Year (an honour previously granted to the CEOs of Marqeta, Mambu and Starling Bank).
What’s next?
We’re encouraged to see the UK’s National Payments Vision impart the government’s bold ambition for open banking-enabled A2A payments to become ubiquitous, providing Britons with a genuine choice of payment methods to meet their needs.
We also eagerly anticipate the October 2025 deadline for eurozone banks to support incoming and outgoing SEPA Instant transactions. Universal support for the real-time payments will unleash the full potential of open banking for payments, and create a lightning-fast, borderless ecosystem across the continent.
That’s not all: 2025 also promises progress on Commercial Variable Recurring Payments, PSD3/PSR1, and the future of UK open banking. And we’ll be here to help you make sense of it all.
As we set our sights on 2025 with confidence and purpose, the A2A payment journey continues — and we are excited for what lies ahead.