Mastercard selects Token as a partner for its open banking hub

The hub will connect merchants, retailers and other regulated third parties to financial institutions in Europe for data and payment transactions.

Further to the announcement in June 2018, Mastercard’s services will include:

1. A pan-European directory to help financial institutions ensure that Third Party Providers (TPPs) seeking access to a customer’s account are legitimate and hold the appropriate regulatory status;

2. A dedicated dispute resolution mechanism; and

3. A connectivity hub.

Token has been selected as a partner to launch the connectivity hub, which will deliver secure connectivity between third parties’ and financial institutions’ APIs using Token’s operating system, TokenOS.

Token is authorised as an Account Information Service Provider (“AISP”) and as a Payment Initiation Service Provider (“PISP“) by the Financial Conduct Authority in the UK. Last year it became the first PISP to conclude testing with the CMA9, and has since completed integration into all of the UK Open Banking APIs for both data and payment initiation.

TokenOS delivers flexible, open APIs and programmable money technology, together with the operational support, consent management, monitoring and reporting required to manage and develop new services.