Open Banking payment platform Token has expanded to Italy to provide the company’s Account Information Services (AIS) and Payment Initiation Services (PIS). Token’s Italian customers can now initiate Open Banking-powered account-to-account (A2A) payments and access aggregated bank account and transaction data for 84% of bank accounts in Italy, the official press release states.

Token’s connected banks include UniCredit, Intesa Saopaolo, Bancoposta, Banco BPM, Iccrea Group, BPER Banca, Monte Paschi, BNP Paribas, Banco Mediolanum, BNL and Credit Agricole, among others. Italy has a population that exceed 59 million people and recent studies showcase that digital payments are more and more used in the country. According to the CEO of Token, payment providers can leverage Token’s technology to get access to the market of Open Banking payments.

He stated that there are predictions of this global market going beyond USD 334 billion by 2027. Token’s mission, according to its CEO, is to turn Open Banking payments into a mainstream payment method used across Europe. Pay by Bank, or Open Banking payments, represent a reportedly fast and secure money movement between bank accounts.

The press release states that Open Banking-enabled payments have no need for registration or data entry, which reportedly allows them to work faster and easier than 3D-secure cards. Users of Open Banking payments can verify their payments straight with the bank, which would make for a better experience. Also, the success rates of Open Banking payments can reportedly surpass those attached to cards.

The press release states that through Open Banking payments, businesses can save costs between 2 and 20 times better, as opposed to traditional payment methods. Also, Token declares that Open Banking payments can be settled instantly to improve cashflow. Businesses reportedly can also allocate incoming funds better to enable an easier, faster reconciliation, surpassing accepting bank transfers and invoicing.

More about Token According to the company, Token’s connectivity reaches over 80% of bank accounts in each of its 15 markets: Italy, the United Kingdom, France, Germany, Poland, the Netherlands, Austria, Belgium, Hungary, Lithuania, Estonia, Latvia, Spain, and Portugal. In addition to expanding its connectivity network, Token seems to continue to expand its product portfolio. Token’s upcoming developments are designed to increase the number of use cases for Open Banking payments in Europe, which will see 81% of global Open Banking payment volumes and USD 288 billion in transaction values by 2027, according to a new report from Juniper Research.

Token’s transaction volumes grew 250% in Europe in 2022, with the launch in Italy expected to drive further growth, the press release concludes. Token was one of the contributors to the Open Banking and Open Finance Report 2022. We encourage you to download the report to read the interview with Token CEO Todd Clyde, on the trajectory of Open Banking payments, from A2A to VRPs (pg.

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