Mastercard selects Token.io as partner for Open Banking Hub

Global financial services giant Mastercard has selected Token.io to power the connectivity layer of its Open Banking Hub.

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

Token.io is an open banking platform that helps banks remain compliant and generate new revenue streams, as well as being able to collaborate within the payment ecosystem.

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Jim Wadsworth, Senior Vice President, Mastercard, said: “Open banking has the potential to revolutionise how we all interact with financial services. Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”

Steve Kirsch, Founder and CEO of Token, said: “Fragmentation and a lack of consistency in third party access are creating complexity in open banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform to address these issues at scale and together accelerate the global adoption of open banking.”