HSBC has made a strategic investment in account-to-account open banking payments vendor Token.io. The value of the investment was not disclosed.
HSBC has been a user of Token.io's infrastructure for open banking payments since 2019.
Manish Kohli, head of global payments solutions at HSBC, comments: “Our investment in Token.io reflects the trust and confidence we have in their team and technology, and our firm belief in the role that innovative Open Banking solutions play in transforming the payments experience for both corporates and consumers.”
He says the bank intends to broaden its adoption of Token.io’s infrastructure for Pay by Bank, offering options for peer-to-peer payments, account deposits and loan repayments.
Todd Clyde, CEO of Token.io, comments: “We are excited to deepen our partnership with HSBC as we embark on this collaboration. This investment will not only accelerate Token.io’s growth and innovation, it will also advance our shared vision of making Pay by Bank a mainstream payment method — delivering benefits for HSBC’s customers across the region.”