Flutterwave, Africa’s leading payments technology company, has partnered with Token.io, A2A payments also known as ‘Pay By Bank’ – a fast and secure way to move Europe’s leading account-to-account (A2A) payment infrastructure provider, to power Pay By Bank transfer capabilities for Flutterwave’s platform.
According to an announcement made today at the Money20/20 Europe fintech conference in Amsterdam, the collaboration will allow Flutterwave to provide enhanced access to UK and EU customers for its African e-commerce merchants, while Token.io will leverage Flutterwave’s presence in Africa to enable a Pay By Bank method for businesses on the continent.
“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money,” commented Olugbenga “GB” Agboola, CEO of Flutterwave. “By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy,” he added.
“We’re confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East and Africa corridors,” said Todd Clyde, CEO of Token.io. “This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”
A2A payments supported by open banking do not require registration or error-prone data entry, making them a convenient payment method. End users authenticate A2A payments directly with their bank, resulting in a frictionless experience with greater success rates than market standards. A2A payments save merchants money over traditional payment methods and settle immediately, improving cash flow.
Token.io’s A2A infrastructure, powered by open banking, enables payment providers to create their own A2A payment capabilities in order to increase market share. Token.io provides the industry’s finest performing and most comprehensive connectivity for open banking-powered A2A payments, covering over 567 million bank accounts (80%+ of accounts per market) across 16 European nations.
Flutterwave is a payments technology firm that helps customers such as Uber transmit and receive payments, process payments, and construct financial products. Flutterwave currently serves over a million users in 34 African countries. A2A payment capabilities, enabled by Token.io technology, are now available through Flutterwave’s Collect Payments offering for enterprises.
Pay By Bank functionality will be available in Q3 on Send by Flutterwave, Flutterwave’s cross-border payment platform. This will make it even easier for Africans living in the UK/EU to send money home.