Ecommpay, a worldwide payment solutions provider, has broadened its collaboration with Token.io, a company specializing in account-to-account (A2A) payment infrastructure. This enhanced partnership now incorporates virtual accounts for the Netherlands, Spain, France, and Ireland, significantly enhancing Ecommpay’s Open Banking Advanced suite.
With the addition of these four countries, virtual accounts will allow businesses to receive immediate settlement confirmations and facilitate API-driven refunds or payouts. This expansion is set to enhance transaction speeds and overall efficiency for online retailers.
The introduction of local settlement International Bank Account Numbers (IBANs) for these nations aims to address the issue of IBAN discrimination. This issue arises when businesses or financial institutions handle payments from foreign IBANs differently, which can lead to delays in settlements or even transaction rejections.
Moshe Winegarten, Chief Revenue Officer at Ecommpay, states, “By offering local IBANs and smooth payment processes, we are reaffirming our commitment to promoting financial inclusion and improving local payment options. This will, in turn, enhance the customer experience and support higher conversion rates for merchants.”
Boosting Open Banking Adoption
The extension of this partnership comes at a time when the A2A payment market is expected to experience substantial growth. Industry forecasts predict that open banking-enabled transactions, commonly referred to as ‘Pay by Bank’, will reach 5.3 billion across Europe by 2027.
Ecommpay was one of the pioneers in offering open banking capabilities to merchants in 2020. Their Open Banking Advanced solution, developed in collaboration with Token.io, is an enterprise-level product that features virtual accounts as a key offering.
Todd Clyde, CEO at Token.io, shares his thoughts on open banking’s potential: “We are thrilled to enhance Ecommpay’s Open Banking Advanced solution with Token.io Virtual Accounts, which provide instant refunds and payouts, among other capabilities that empower Payment Service Providers to fully leverage the benefits of open banking across various markets and applications.”
Using open banking-enabled payment methods can significantly benefit merchants by lowering costs, speeding up access to funds, and improving cash flow.
For end users, these methods offer secure and seamless payment experiences without the need to share credit card information or manually enter sensitive data.
The expanded partnership also enhances the speed of fund acceptance through SEPA Instant, an instant credit transfer scheme across Europe. This feature enables real-time payments within the Single Euro Payments Area, improving transaction speed for both businesses and consumers.
