Third-party financial service provider, Token.io, gains entry to the giroAPI scheme, marking a first in the industry.
Token.io, a leading third-party provider (TPP), has made history by becoming the first TPP to be admitted to the giroAPI scheme. This significant milestone positions Token.io as a pioneering player in Europe's evolving payments infrastructure.
The giroAPI scheme, launched by the German Banking Industry Committee associations on 1 January, 2025, is the first API scheme in Europe to go beyond traditional payment transactions. Built on the Berlin Group's Open Finance API framework, it aims to foster innovation and efficiency in the European payments landscape.
Token.io's participation in giroAPI will provide businesses in Europe with payment services comparable to Variable Recurring Payments (VRP) in the UK. This means consumers will be able to schedule regular transactions - such as subscriptions or utility bills - by pre-authorising a maximum payment amount. Businesses, in turn, will be able to offer customers significantly greater choice and control when making payments.
Charles Damen, the chief product officer at Token.io, expressed his excitement about the development. "Token.io's participation in giroAPI means our partners will be able to access new payment experiences supported by a rapidly growing network of banks through a single, secure connection," he said.
The move aligns with the broader political agenda of European payment sovereignty and supports alternatives such as the European Payments Initiative (EPI). By participating in giroAPI, Token.io is further cementing its leadership in the European payments landscape and driving the future of Pay by Bank in Europe.
The scheme is expected to make Pay by Bank only second to digital wallets for online transactions by 2030, with analysts predicting that three in four Europeans will regularly use Pay by Bank by 2029.
Token.io's admission to giroAPI also brings new features such as online micropayments exempt from Strong Customer Authentication (SCA), as well as recurring and future-dated payments.
Gideon Fourie, managing director, Token GmbH, further highlighted the benefits, stating, "As a member of the giroAPI scheme, Token.io will be able to deliver new account-to-account payment features to its partners."
The video titled "In Focus - Pay by Bank: Unlocking new use cases with Token.io" features discussions between Ecommpay and The Money Platform on the use cases of Pay by Bank with Token.io.
For further reading, there is an article available on Token.io enabling Fabrick to expand Pay by Bank to the UK market.
This development is a testament to Token.io's commitment to enabling the next wave of premium, API-driven payment services and providing consumers with seamless, secure experiences.
- Token.io's participation in the giroAPI scheme, built on the Berlin Group's Open Finance API framework, showcases their leadership in fostering innovation and efficiency within Europe's evolving payments landscape.
- Businesses in Europe, accessing the benefits of Token.io's participation in giroAPI, will be able to offer customers significantly greater choice and control over their payments, including Variable Recurring Payments (VRP) comparable to those in the UK.
- The giroAPI scheme aligns with the broader political agenda of European payment sovereignty, supporting alternatives such as the European Payments Initiative (EPI), and is expected to make Pay by Bank the second most common method for online transactions by 2030.
- As a member of the giroAPI scheme, Token.io will deliver new account-to-account payment features, such as online micropayments exempt from Strong Customer Authentication (SCA), as well as recurring and future-dated payments.
- The collaboration between Token.io and other partners like Ecommpay and The Money Platform will open up new use cases for Pay by Bank, as demonstrated in the video titled "In Focus - Pay by Bank: Unlocking new use cases with Token.io".
