Looking to expand the benefits and adoption of account-to-account (A2A) payments in the UK, specifically through the use of open banking facilitated Pay by Bank payments, Token.io, the A2A payment infrastructure provider and Fabrick, the payment orchestrator, are announcing a new partnership.
In December 2024 alone, almost one million (950,000) Brits tried using Pay by Bank, according to Open Banking. The new partnership looks to fast-track adoption by providing Fabrick’s B2B and B2C customers with the ability to accept and offer open banking-enabled A2A payments. The potential of this partnership could be far-reaching, with estimations suggesting that three in four consumers will use Pay by Bank by 2029.
Real-time Pay by Bank delivers substantial benefits over traditional payment methods, eliminating intermediaries to reduce processing costs and increase cash flow. Without manual entry of sensitive data, users authenticate payments directly from their mobile banking app for a fast, convenient and secure payment experience.
Expanding the Fabrick offering
Fabrick is a licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP), all while serving as a European embedded payment solutions provider. Through its Payment Orchestra platform, Fabrick accepts and manages A2A payments for customers across Italy, Spain, France, Portugal, and now the UK.
Paolo Zaccardi, CEO of Fabrick, comments: “We integrate the best solutions into the platform with the aim of enabling merchants and large companies to offer the most innovative payment solutions, supporting them in developing their business in different target markets. Account-to-account payments, thanks to their ability to offer faster, more secure and cost-effective transactions, represent a crucial innovation.
“The collaboration with Token.io fits into our internationalisation strategy and allows us to expand our offer, already available throughout Europe, to the British market as well. The choice of Token.io as a partner is based on the robustness of their technology, which is intuitive and easily integrated; in an ever-changing market environment, it will enable us to develop new use cases and expand opportunities for our customers.”
Token.io: Helping the industry capitalise
Token.io combines open banking connectivity with white-label infrastructure and a proven service methodology that enables payment and financial institutions to seamlessly launch and grow Pay by Bank solutions in 21 European markets.
Todd Clyde, CEO of Token.io, comments: “Pay by Bank transactions grew 75 per cent in the UK last year, while the country’s National Payment Vision sets out clear ambitions to further develop A2A payments for e-commerce. Against this backdrop, businesses are looking to their payment providers to keep up. Our work with Fabrick is another example of how Token.io helps the payments industry capitalise on new capabilities and leverage open banking to respond to the evolving needs of businesses.”
