Token.io Launches Virtual Settlement Accounts

Leading account-to-account (A2A) payment infrastructure provider, Token.io, recently announced the launch of its virtual settlement accounts, enabling payment providers to unlock the full potential of 'Pay By Bank' (open banking powered A2A payments) for ecommerce.

Token.io's new virtual accounts solution will provide payment providers with real-time notification of settlement as they collect and hold funds in multiple currencies. This gives end merchants both the knowledge that they will receive funds, and the necessary assurance to release goods and services instantly.

Virtual accounts will also enable Token.io to offer instant refund capabilities.

Other benefits of Token.io's virtual account offering include support for instant payouts, and the ability to disburse funds at custom frequencies. Lastly, Token.io’s virtual accounts solution enables the fastest time to market for payment providers by providing a flexible solution for transaction reconciliation and settlement to their corporate accounts, or directly to their merchant customers.

Charles Damen, Chief Product Officer, "Token.io's mission is to make Pay By Bank a truly mainstream payment method in Europe and beyond. We have the highest performing and deepest connectivity for A2A payments with over 80% coverage in 16 countries, reaching over 567 million bank accounts in Europe. But virtual accounts were the missing piece of the puzzle — until today.

"Enabling real-time settlement status and instant refunds not only benefits payment providers and merchants, but will provide end consumers with an even more seamless e-commerce experience," he added.

"We are seeing a once-in-a-generation upgrading of the infrastructure used by payments companies to enable global commerce", commented Todd Clyde, Chief Executive Officer, Token.io. "With the addition of virtual accounts, Token.io's complete A2A payments infrastructure will supercharge payment providers' ability to grow with Pay By Bank as a core payment method for every channel, every device, and every market."

(Source: Finextra)