Flutterwave taps Token.io to ease transfer to UK, EU

Flutterwave, the leading payments technology company in Africa, has joined forces with Token.io, the foremost provider of Europe’s account-to-account (A2A) payment infrastructure known as ‘Pay By Bank.’ The collaboration was announced at the Money20/20 Europe fintech conference held in Amsterdam today.

Through this partnership, Flutterwave will empower its African e-commerce merchants with improved access to customers in the UK and EU. Meanwhile, Token.io will utilize Flutterwave’s presence in Africa to introduce the Pay By Bank method for businesses on the continent.

A2A payments, driven by open banking, offer a seamless and secure payment option that eliminates the need for registration or error-prone data entry. Users can authenticate A2A payments directly with their banks, resulting in a frictionless experience with higher success rates than the market average. Merchants can benefit from cost savings compared to traditional payment methods, as A2A payments settle instantly, leading to improved cash flow.

Olugbenga “GB” Agboola, CEO of Flutterwave, expressed his enthusiasm about the collaboration, stating, “Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money. 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.”

Todd Clyde, CEO of Token.io, expressed confidence in the collaboration, affirming, “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. 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.”

Token.io’s A2A infrastructure, backed by open banking, allows payment providers to launch their own A2A payment capabilities, thereby expanding their market share. With its extensive connectivity across 16 European countries, Token.io reaches over 567 million bank accounts, which represents over 80% of accounts per market.

Flutterwave, known for its payment facilitation services for customers such as Uber, enables payment processing, fund transfers, and financial product development. Operating in 34 African countries, Flutterwave currently serves over a million customers. With the integration of Token.io’s technology, A2A payment capabilities are now accessible through Flutterwave’s Collect Payments product for businesses.

In the upcoming Q3, Flutterwave plans to extend the Pay By Bank capabilities to its cross-border payment platform, Send by Flutterwave. This expansion will simplify money transfers for Africans residing in the UK and EU who wish to send funds back to their home countries.

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