23 January 2018
visit http://response.ncr.com

Token signs programmable money deal with OP Financial

05 April 2017  |  5819 views  |  0 Numbers

Finland's OP Financial group has signed a deal with Silicon Valley-based Token to use the startup's API-based transaction network to prepare for a new era of payments arising from the forthcoming implementation of the PSD2 Directive.

The deal with OP Financial is Token's second engagement in the European banking space, having cut an agreement in December to integrate its software into the banking-as-a-service middleware layer of Germany's Fidor Bank

Steve Kirsch, founder and CEO, Token, comments: “Through our platform, OP Financial Group will have access to a fully operational API banking infrastructure which, when combined with the transformative attributes of programmable money, has the power to change the way the world transacts.”

OP Financial has set up a purpose-built lab to work with and roll out new technology from third party fintech startups.

Kristian Luoma, head of OP Lab says: “Our collaboration with Token exemplifies OP’s new way of working with start-ups in general. Through our Lab programme, we’re able to move faster with partnerships like the one we have established with Token.”

Token’s software can be used to issue and redeem payment and account information authorisations as smart tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. Using the Token network, sensitive card or account data never leaves the bank’s systems, masked or otherwise, reducing the bank’s security vulnerabilities.

Masa Peura, director new business, OP Financial Group. “We’re using Token’s open banking software to get an early foothold in a new era for payments. Together, API banking and programmable money have the potential to transform the way banks transact. In the short term, we are investigating interesting market opportunities with Token that put us in the driving seat and prepare us for the enactment of PSD2.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fidor Bank and Token sign MoU

Fidor Bank and Token sign MoU

19 December 2016  |  8611 views  |  0 comments | 13 tweets | 20 linkedin
Silicon Valley's Token opens European office

Silicon Valley's Token opens European office

02 August 2016  |  5907 views  |  1 comments | 9 tweets | 9 linkedin
Token launches payment network for PSD2 compliance

Token launches payment network for PSD2 compliance

07 June 2016  |  9906 views  |  0 comments | 15 tweets | 17 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.fivedegrees.nlvisit www.ebaday.com

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9386 views comments | 37 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9212 views comments | 14 tweets | 14 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
8979 views comments | 12 tweets | 12 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8326 views comments | 17 tweets | 11 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
6931 views comments | 13 tweets | 25 linkedin

Featured job

Find your next job