The partnership with Token will enable OP Financial Group, a financial services and banking group in Finland, to innovate in the European open banking market and generate new revenue streams via future payment solutions.
OP Financial Group has a long history of technological innovation and early adoption. The OP Bank Group was the first financial services provider in Europe, and only second in the world, to offer online banking services, and OP Financial Group has an established lab program that collaborates with fintech startups to produce digital services, according to a company statement.
Token provides secure transaction-based open banking API. Banks use Token’s software to issue and redeem payment and account information authorisations as smart tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. Sensitive account information never leaves the bank’s systems, masked or otherwise, vastly reducing the bank’s security vulnerabilities.
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