Open banking payments platform, Token, and leading Payment Service Provider (PSP), Computop Paygate, have joined forces to answer the growing demand for Open Banking payments in Europe.
Using Token’s Open Banking connectivity and platform, Computop enables account-to-account (A2A) payments for eCommerce merchants, whitelabel partners and resellers using its Paygate platform.
Token is the Open Banking enabler for the payments industry. It offers the broadest out-of-the-box Open Banking connectivity in the UK and Europe, providing the fastest and simplest way for payment service providers, gateways and acquirers to launch and manage A2A payment propositions. Computop is a global payments company and the leading payment service provider in Germany with 38% market share and customers across Europe, the UK, China and USA. The Paygate platform enables integrated payment processes for eCommerce merchants, features over 350 payment types from all over the world, and transferred payments totalling a value of $36 billion last year.
Computop’s new Open Banking payments service, which is already being used by a major tier one bank, is empowering merchants to respond to the growing appetite for a fast and convenient alternative to card payments. Juniper Research predicts Open Banking payments will exceed $116 billion in 2026, and a study by Token has illustrated growing consumer appetite is driving this uptake in Europe. In Germany alone, 85% of consumers said they would likely use A2A payment methods in the future, meaning PSPs and merchants must act now to ready themselves for future demand.
“Computop has always been a pioneer in eCommerce payments. For over 25 years, we have provided omnichannel payment solutions that empower merchants to meet the different payment preferences of customers worldwide,” comments Computop CEO, Stephan Kück. “With Open Banking now an industry mega trend, and adoption of A2A payments accelerating, Token’s technology is a valuable addition to our platform.”
“Open Banking payments are an opportunity for merchants to reduce their dependence on cards. They are processed instantly, providing a clearer view of funds, eliminating the risk of chargebacks and can reach anyone with a bank account across a significant proportion of the world,” comments Todd Clyde, CEO of Token. “With Token’s Open Banking platform, PSPs can also streamline customer onboarding, provide a seamless and secure checkout experience, and enable personalised loyalty reward programmes.”
Today, the Token platform covers 14 UK and EU countries representing 250 million potential end-users of Open Banking services. The company is processing millions of Open Banking payments annually for the UK and Europe’s payment service providers (PSPs), gateways, banks and large merchants.
“Computop already has 38% of the market share in Germany and our global customer base is growing rapidly. At peak times, we are handling up to five million ecommerce transactions per day,” adds Kück. “As our Open Banking partner, Token will enable us to scale our A2A capabilities to expand the benefits of Open Banking payments to more merchants.”
“Token is committed to helping PSPs like Computop lower costs, drive revenue and reinvent financial experiences,” adds Clyde. “Open Banking payments are fast becoming a mainstream payment method. We look forward to working with Computop to ensure the Paygate platform continues to drive the future of payments forward as the Open Banking landscape evolves.”
The Juniper Future Digital Awards have awarded Token the prestigious Open Banking Innovation Platinum Award. Customers can plug and play, whitelabel or use Token’s award-winning Open Banking platform to launch and manage their own A2A payment capabilities.