Token.io and HSBC Win Banking Tech Awards

For nearly 25 years, the Banking Tech Awards, presented by Fintech Futures, have acknowledged key developments in banking, finance and technology.

Recognising Token.io’s role in reshaping the UK and Europe’s payments landscapes, the Banking Tech Awards have awarded Token.io the title of Best Open Banking System, while also conferring Token.io and HSBC UK with the Best Bank & Fintech Partnership award.

This year’s awards ceremony took place at the 5-star Royal Lancaster Hotel in London on 30 November, gathering together nearly 500 senior-level professionals in banking and fintech.

Best Bank & Fintech Partnership

Token.io's vision is to make account-to-account (A2A) payments a mainstream payment method. Working hand-in-hand with a blue chip base of customers, including HSBC UK, Token.io is actively realising this vision.

A testament to the power of collaboration, Token.io and HSBC UK were recognised as the Best Bank & Fintech Partnership at this year’s Banking Tech Awards.

Through their partnership, Token.io and HSBC UK are transforming payments in the online retail space with HSBC Open Payments, which challenges traditional payment acceptance methods by combining the speed and efficiency of card payments with the simplicity of a bank transfer.

HSBC Open Payments leverages Token.io's cutting-edge A2A payments infrastructure and the bank’s robust transactional banking capabilities to enable merchants in the UK to accept fast, secure and seamless A2A payments while simplifying payment processes and eliminating unnecessary cost and friction.

“This award recognises over three years of industry-leading collaboration with HSBC UK, and is an incredible result for an incredible partnership,” commented Token.io CEO Todd Clyde.

“Open banking powered account-to-account payments are driving significant benefits for our partners and their underlying customers, and we’re honoured to see this recognised by the Banking Tech Awards,” he added.

Best Open Banking System

Powered by open banking, Token.io’s A2A payment infrastructure enables payment service providers to launch their own ‘Pay by Bank’ solution, which maximises acceptance while delivering lower processing costs and better payment experiences for merchants.

The Best Open Banking System award recognises Token.io’s robust A2A payments infrastructure, which provides the industry’s deepest and highest performing connectivity for open banking-powered AIS (data) and PIS (payment) services, with coverage of over 80% of bank accounts (567 million bank accounts) in each of its 20 supported markets. Token.io builds and maintains all of its direct connections with banks in-house, continuously testing and upgrading these to drive the highest performance.

The award further highlights Token.io's ability to support Pay by Bank solutions across channels, including ecommerce checkouts and point-of-sale systems, for which A2A payments can be seamlessly initiated on any device through QR codes or Pay by Link.

This accolade also acknowledges recent innovative additions to Token.io’s product suite, such as Virtual Accounts, which unlock the full potential of Pay by Bank for the ecommerce sector by providing payment providers with real-time settlement notifications, multi-currency fund management, and instant refund capabilities.

In addition to connectivity and infrastructure for payments, Token.io offers access to aggregated account and transaction data to empower payment providers to develop smarter payment services and smoother financial experiences. Use cases include risk and creditworthiness assessments, and using bank account data to confirm account ownership for fast, simple payment setup or assertion-driven payments.