Token Expands to Romania, Offering AIS and PIS Services

The Open Banking payment platform Token has entered the Romanian market, introducing Account Information Services (AIS) and Payment Initiation Services (PIS) to a large portion of bank accounts in the country. This expansion brings Token’s service coverage to 16 markets, signifying its strong presence across Europe.

Token’s direct API integrations with banks for both PIS and AIS enable payment providers to offer cross-border payments through a single connection to Token’s API. This integration reduces the costs of setup and operation while enhancing efficiency in payment services, as stated in the official press release.

Open Banking payments are known for their cost-effectiveness, offering merchants savings of 2-20 times more than traditional methods, with immediate settlement to improve cash flow. Additionally, users authenticate transactions directly through their banks, leading to higher success rates compared to card-based payments.

Token’s transaction volumes in Europe surged by 250% in 2022. The launch into Romania is anticipated to fuel further growth, aligning with Token’s strategy of expanding its Open Banking footprint across Europe. The Romanian market holds significant potential for Open Banking adoption, with predicted user numbers reaching over 50 million by 2027.

Token’s Vision and Future Plans

Todd Clyde, Token’s CEO, envisions making Open Banking payments a pan-European mainstream payment method. The company aims to leverage its position as one of the key players in Romania to deliver these services effectively. Token is also working on expanding its product offerings to include more use cases and enhance user experiences.