Open Banking provider Noda has launched direct bank payments in Europe, following a partnership with Open Banking payments platform Token, according to the press release.
Noda enables merchants to receive direct bank payments from customers as an alternative to cards. The company, through its API and platform, allowed merchants in Germany, Austria, France, and the Netherlands to implement Open Banking payments. According to the company’s COO, Noda’s main product offering is based on Open Banking. She said that, following Brexit, Noda was only licensed in the UK region, so the company was actively looking for new partners in Europe. Following the partnership, Noda has reportedly seen good results, including better coverage both in terms of market offering and connection to banks in Europe.
Using Token’s Open Banking connectivity in Europe, Noda has reportedly doubled its transaction volumes in the last 3 months, as stated by the press release. Token’s Open Banking connectivity for AIS (account information services) and PIS (payment initiation services) in the UK and Europe reportedly connects to over 80% of bank accounts reaching over 250 million potential end-users of Open Banking services in 14 countries, all through a single API and interface.
In 2022, Noda, headquartered in the UK, with offices in Spain, Latvia, Lithuania, and Cyprus, has advanced its instant payment solution (the Noda Pay button). As a member of such associations as ABTA, LCCI, Holland Fintech, Startin.LV, and ITT, Noda is seeks to serve businesses with payment solutions. Noda enables merchants to receive direct bank payments from e-customers via Open Banking as an alternative to cards. Noda’s service reportedly provides direct integration with banks European countries, including Spain, France, Germany, Italy, Austria, and the UK. Integration is currently available for over 300 banks and counting, as Noda reportedly guarantees an increasingly wider service coverage. The company plans to enter the Canadian Open Banking market this year (2022), and Latin American the next (2023).
Open Banking enabler for the payments industry, Token wishes to help payment providers efficiently launch and scale with Open Banking capabilities. In October 2022, Token announced a partnership with NatWest to offer Variable Recurring Payments (VRP) for non-sweeping services. Token already offers VRP capabilities for sweeping across several UK banks. Sweeping represents the automatic transfer of money between two accounts belonging to the same person. Token’s VRP features can reportedly be applied to current use cases such as credit card repayments and can help consumers reduce overdraft fees and maximise savings’ interest.
Token is headquartered in London with operations in Berlin and San Francisco. The company is authorised as an Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) by the FCA in the UK and BaFin in Germany. Token is PSD2, SCA, and PCI-DSS compliant and has earned security certifications which include ISO27001, the official press release concludes.
Token has been featured in the recently launched Open Banking Report 2022. To find out more about the company we encourage you to download the report and visit its profile in our online company database.
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