Payments Innovation

Token Certification Fast Tracks Global Open Banking

Volante Technologies Inc., a global provider of payments and message integration software, announced its VolPay Hub is now fully tested, qualified and integrated with TokenOS.

Token was founded in 2015 as an open banking platform allowing a global ecosystem of banks, bank customers and developers to move money and information securely worldwide, instantly and without friction. The VolPay Hub enables banks to connect, process and arrange transactions from the Token network with greater ease, speed and lower operating costs through cloud deployment.

“Volante is excited to help accelerate banks’ adoption of TokenOS by removing the complexity associated with payments processing,” said Nadish Lad, global head of payment products at Volante Technologies. “Lowering the costs and time taken in implementations is on the mind of every CIO — and we remain eager to help them achieve these goals. Both Token and Volante will be demonstrating the joint VolPay Hub and TokenOS proposition at SIBOS in Toronto this year.”

The TokenOS and VolPay Hub partnership means banks can offer additional services and enhance customer experience, without the need for the banks to re-engineer their back-end payment systems to handle API-based payment orchestration and processing. And, corporate banking customers enjoy access to payments, cash management and treasury services mirroring the speed and convenience provided by consumer applications and devices. They also reduce transaction costs for merchants as banks have lower fees.

“We are delighted to further enhance the benefits of our open banking platform, TokenOS, through this seamless integration with Volante's VolPay Hub,” said Steve Kirsch, founder and CEO of Token. “With TokenOS, banks quickly and cost-effectively offer new products and services that retain and attract new customers. Such new offerings include advanced programmable money solutions and the opportunity to make secure immediate payments domestically and across borders. Together we are able to deliver a fast route to market and highly cost-effective migration path away from legacy infrastructure, with enhanced customer experience.”

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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