- Pay by Bank infrastructure provider Token.io unveiled its Account on File feature this week.
- The new feature securely recalls a user’s preferred bank and accounts and presents these as defaults for future transactions, boosting the convenience of Pay by Bank.
- Token.io was founded in 2015 and made its Finovate debut the same year at FinovateSpring. Todd Clyde is CEO.
Token.io launched its new Account on File feature this week. Designed to boost the convenience of Pay by Bank, the new offering securely recalls a user’s preferred bank and accounts and presents them as default selections for future transactions. Token.io said that Pay by Bank will be a boon to payment service providers (PSPs) and merchants across the UK and Europe, enhancing the customer experience and increasing checkout conversion rates.
“For high-frequency transaction scenarios, such as e-commerce purchases or account top-ups, every extra step costs you customers,” Token.io Director of Product Sam French said. “With our new Account on File feature, Pay by Bank can become a one-tap experience for returning payers, driving high conversion rates for merchants, while giving consumers a secure, familiar way to pay straight from their bank accounts.”
Like Card on File, Account on File helps streamline the typical Pay by Bank experience, removing up to two steps. This results in fewer clicks, faster checkouts, fewer drop-offs, and more completed transactions. Account on File will enable merchants to settle faster, experience lower processing costs, and benefit from the improved cash flow that comes with account-to-account (A2A) payments.
Additionally, Token.io has put tokenization at the core of its new Account on File feature, enhancing both security and trust. Tokenization swaps sensitive account details for a non-sensitive token. This token is used to reference the user’s bank account(s) without exposing sensitive, underlying information.
Token.io’s latest offering comes at a time when Pay by Bank is becoming increasingly popular. The company’s own research indicated that 90% of PSPs offer or expect to offer Pay by Bank in the near future. Token.io’s Account on File feature is currently available through the company’s latest API.
Founded in 2015 and headquartered in London, Token.io made its Finovate debut at FinovateSpring 2015. The company most recently demoed its technology at FinovateEurope 2017. Today, Token.io is a leading A2A payment infrastructure provider with partners including three of Europe’s five largest financial institutions, as well as major payments companies such as fellow Finovate alums Mastercard and ACI Worldwide.
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