Mastercard and San Francisco-based Token.io enter into a partnership

• Mastercard has selected  Token.io as a Partner for its New Open Banking Hub.
• Token is based out of San Francisco.  Their banking platform which will help  banks “achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams.”

Token.io Limited was selected by Mastercard to power its “New Open Banking Hub.” This hub will help connect merchants, retailers, and other  regulated third parties to financial institutions in Europe for data and payment transactions.

Regarding the partnership, Jim Wadsworth, Senior Vice President and leading the development of Mastercard’s Open Banking offering, said:

“Open banking has the potential to revolutionize 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 added:

“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.”