BNP Paribas is to provide instant account-to-account payments for EU merchants through its ongoing partnership with Open Banking provider Token.
BNP Paribas says the service, dubbed Instanea, will easily integrate with popular shopping carts and payment gateways to deliver immediate payment settlement and enhance security.
By cutting out the card schemes, merchants stand to benefit from the elimination of interchange fees. Risks like chargeback are also removed as payments are authenticated by the customer in their banking portal.
Using just a single interface, Token Pay provides unified access to up to 3000 banks in Europe for the initiation of real-time account-to-account payments straight from apps and websites.
“The advent of Open Banking APIs presents a unique opportunity to innovate and deliver instant payments at scale," says Carlo Bovero, global head of cards and innovative payments at BNP Paribas. "Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage Open Banking APIs to manage cash-flow in real time and deliver better checkout experiences.”