Banking

OP Financial Pairs Up With Token For New Payments Solutions

Starting today, OP Financial has partnered with Silicon Valley-based crypto-payment software provider Token in the hopes of building the next generation of innovative payment solutions.

According to Token, the combination of the FinTech firm and the Finnish bank will make it possible “to innovate in the European open banking market and generate new revenue streams via future payment solutions.”

“Token is developing a global open banking ecosystem based on an open and secure payments and information API. Through our platform, OP Financial Group will have access to a fully operational API banking infrastructure which, when combined with the transformative attributes of programmable money, has the power to change the way the world transacts,” noted Token CEO and founder Steve Kirsch.

Masa Peura, director new business, OP Financial Group, noted the bank has a long history of Fintech innovation and early adoption — the bank was the first financial services provider in Europe (second on Earth) to offer online banking services. OP Financial Group has an established lab program that collaborates with FinTech startups to produce world-class digital services.

“Our partnership with Token reflects our mission to become a forerunner in the future of banking and payments,” commented Peura. “We’re using Token’s open banking software to get an early foothold in a new era for payments. Together, API banking and programmable money have the potential to transform the way banks transact. In the short term, we are investigating interesting market opportunities with Token that put us in the driving seat and prepare us for the enactment of PSD2.”

Kristian Luoma, head of OP Lab, further noted that the project “allows us to deliver better experiences to our customers faster than we could ourselves.”

Also, working with Token “exemplifies OP’s new way of working with startups in general.”

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Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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