Total Processing, a payment processor, and Token.io, an account-to-account (A2A) payment infrastructure provider, have joined forces to offer A2A payment solutions to their European customers.
Token.io’s platform and extensive connectivity network, along with Total Processing’s merchant-focused experience, has enabled them to launch pay by bank as a core payment method with the highest-performing connectivity for A2A payments, the companies said in a Thursday (July 6) press release.
According to Alex Leigh, co-founder at Total Processing, this is an important move to ensure Total Processing stays on top of the current market and its customers’ needs. “As a trusted partner, Token.io was the ideal partner.”
The integration of A2A payments into Total Processing’s system further demonstrates the firm’s commitment to delivering frictionless payments experiences to its customers, according to the press release.
Moreover, A2A payments are rapidly gaining traction, as global volumes are projected to grow from $53 million in 2023 to $334 billion in 2027 and Europe accounts for the majority of this potential, the release said.
“We’re thrilled to partner with Total Processing and to support its mission of delivering frictionless payment experiences,” said Todd Clyde, CEO of Token.io. “By harnessing the power of open banking, we will empower Total Processing’s customers across Europe with secure, instant A2A payment capabilities.”
The collaboration between Total Processing and Token.io marks a significant milestone in the payments industry, where open banking-enabled payment capabilities and experiences are in high demand.
PYMNTS research has found that many consumers like the idea of A2A transfers, known by several other names including pay by bank, as they are driven by payment choice and would like to see this option added.
A rewards component could drive even greater adoption, according to “New Payment Options: Building Stronger Customer Ties With Pay By Bank Transfer,” a PYMNTS and Nuvei collaboration.
The report found that 52% of bridge millennials and 50% of millennials said they would be very likely to use online bank transfers to earn rewards.
In another recent collaboration, Worldpay from FIS and Volt said in June that they have partnered to enable merchants to receive A2A payments from consumers.
This new strategic partnership will enable merchants to offer their customers a wider range of choices of payment methods and may also reduce merchants’ cost of payment acceptance.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More