Santander UK & Token.io Team Up for Open Banking Payments

Santander UK has partnered with account-to-account (A2A) payments infrastructure provider Token.io. The collaboration aims to utilise Token.io's open banking connectivity to enhance Santander's payment offerings and develop new real-time payment solutions.

The announcement was made during the opening keynote at the Open Banking Expo in London by Paul Horlock, Chief Payment Officer at Santander, and Todd Clyde, Chief Executive Officer of Token.io.

Streamlining Credit Card Repayments

Initially, Santander will use Token.io's infrastructure to offer direct payments from external bank accounts as a credit card repayment option. 

This A2A payment method aims to provide a more streamlined experience compared to direct debit or manual bank transfers by eliminating manual data entry and supporting biometric Strong Customer Authentication (SCA) for mobile payments.

Todd Clyde, CEO of Token.io, says: “Token.io's technology, combined with Santander's dedication to exceptional service, will undoubtedly set new standards for how financial institutions leverage open banking to create innovative value propositions that meet the evolving needs of consumers and businesses.”

Modernising Real-Time Money Movement

Santander also plans to utilise Token.io's infrastructure to modernise real-time money movement for its retail banking clients. 

This move aligns with industry trends highlighted in Capgemini's World Payments Report 2025, which suggests that open banking and instant payments could potentially offset 15-25% of future card transaction volume growth.

The report emphasises the importance of financial institutions embracing instant payments and open banking to maintain competitiveness and drive long-term growth in a rapidly evolving financial landscape.

Santander's Digital Transformation Efforts

Santander UK has implemented a fully digital onboarding process that uses third-party data to streamline customer experience while ensuring compliance checks. This has reduced application processing times from 14-21 days to 5 days for most customers.

The bank has developed a new mobile banking app and established an internal AI working group to explore applications of artificial intelligence across various areas, including risk compliance and data protection.

Additionally, Santander UK is leveraging blockchain technology for international payments and exploring how AI can improve loan and mortgage application response times. 

These initiatives demonstrate the bank's commitment to adopting cutting-edge technologies to enhance its services and operational efficiency.

Todd Clyde concludes: “We are thrilled to partner with Santander, a forward-thinking institution committed to driving open banking innovation and enhancing the experience of millions of customers.”

Token.io's Recent Developments

Elsewhere, Token.io has expanded its coverage network to 20 countries, achieving a minimum of 80% bank account coverage in each market. 

The company has introduced Virtual Accounts, enabling real-time settlement notifications and instant refund capabilities for e-commerce transactions.

In the UK market, Token.io has developed Commercial Variable Recurring Payment (CVRP) capabilities, allowing businesses to set up recurring payments with variable amounts, offering more flexibility than traditional fixed-amount standing orders. It also recently expanded its partnership with Ecommpay. 

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