Digital Banking

Token’s M10 Networks Launches ‘Bank-Grade’ Digital Money Rail

Token Launches M10 Networks Digital Money Rail

Open banking platform provider has announced the launch of affiliate company M10 Networks, which will focus on developing solutions for digital currency, Token said in a press release on Tuesday (Dec. 10).

Previously operating under Token X, M10 will focus on creating a digital money solution to help global banks quickly and affordably handle international money transfers, settlements and remittances.

Token will continue to be led by current CEO Todd Clyde, while Token Founder and Chief Innovation Officer Steve Kirsch will become CEO of M10. Marten Nelson, Token’s current chief marketing officer, will become M10’s chief operational officer. The spinoff company is fully supported by Token’s board of directors.

Clyde said the company is on a mission “to put a bank in every app,” and to give banks, merchants and developers the opportunity to take full advantage of financial APIs’ ability to offer “seamless connectivity between banks and the world of commerce.”

Token and M10 will remain associates and will facilitate collaboration among their customers. Token will retain its offices in San Francisco, London and Berlin. M10 is based in Silicon Valley.

“M10 is a new digital money payment rail that enables banks to increase their financial agility and evolve a new suite of international transfer services for their corporate and retail customers,” said CEO Kirsch.

He added that the company’s goal is to push past the obstacles of global money transfers and to enable companies to “do business without friction.” M10 facilitates real-time, intra-bank transfers and cross-border remittances, as well as Internet of Things (IoT) and B2B payments “with no counterparty risk and at a lower cost than existing rails.”

M10 is in the process of conducting proof-of-concept trials, and the company’s first customers will be announced soon.

“Spinning M10 out from Token is a strategic decision that will give both teams the dedicated resources they need to thrive,” said Jo Oliver, partner at Octopus Ventures.

In February, Mastercard chose Token to provide the connectivity layer for the payment company’s open banking hub.



Social distancing has changed eCommerce from a ‘want to have’ to a ‘must have’ for businesses, yet retailers could struggle to create convenient payment and refund experiences for their apps and websites, says Abdul Raof Latiff, head of DBS Bank’s digital institutional banking group. In the April 2020 B2B API Tracker, Latiff explains how banks can provide a timely assist via application programming interfaces (APIs) that integrate payments into those eCommerce platforms.