Token.io is putting a bank in every app, creating the digital connectivity shaping the future of banking-enabled commerce.
In his interview with Open Banking Excellence CEO Todd Clyde describes their approach as a two sided solution for a two sided problem. This means ensuring the quality of data provided by banks and making it easy for users to consume.
Their API platform for banks enables them to create ‘premium APIs’, powering the next generation of financial applications – “Putting a bank in every app”.
Todd says we’re transitioning from a first use case for Open Banking being PSD2 compliance to now one of an era of API-based banking. The key inflection point is that users will no longer solely log on to their banking app to access financial products, instead these will be integrated into their other daily lifestyle experiences.
Going beyond compliance to these new integrated use cases is the critical enabler for banks to monetize the Open Banking trend.
To advance the overall sector Todd would like to see the industry collaborate to reduce the barriers to Open Banking, notably the fragmentation of implementations, friction caused by inadequate authentication, enhancing the functionality of APIs and TPP on-boarding challenges, achieved through improved standardization, regulation and collaborative innovation.