VANCOUVER: Upco International Inc. has reached an agreement with Token.io to leverage its open banking platform for mobile transaction processing.
Under the terms of the agreement, UpcoPAY, an extension of Upco Mobile Messenger, will use Token Pay to enable the delivery of account-to-account (A2A) transfer services and account-to-merchant (A2M) payment services.
Token.io is a leading open banking platform provider, connected to more than 6,000 banks throughout Europe. Their platform enables PSD2 compliance, data aggregation and bank direct payments driven by Smart Token technology for banks and TPPs.
Integration with Token’s open banking platform significantly enhances the options that are available via Upco Mobile Messenger, while simplifying A2A and A2M transaction processing. Token’s API provides pan-European bank connectivity, so that Upco can quickly and cost effectively establish a connection to any bank to initiate payments and data requests on behalf of its customers.
Using Token’s interface, payments are confirmed instantly, and transaction fees are reduced by up to 50%.
Mr. Andrea Pagani Chief Executive Officer, Upco International Inc., commented, “This agreement, which enables Upco’s diversification into mobile banking services, is immensely important in terms of it’s implications for both corporate growth and benefits to our user community. With the Token integration in the near term – freeing users from debit and credit card transactions – we are undertaking a multi-phase deployment of sophisticated solutions in the evolving Fintech / Open Banking sector. The second phase will introduce remittance functionality. During Phase 3, and once authorized to do so, we will be supporting users as an Account Information Service Provider (AISP) and a Payment Initiation Service Provider (PISP).
“Phase 4 will see Upco becoming an Electronic Money Institution, with full e-wallet capability. In parallel with these staged enhancements Upco is continuing to pursue business development and marketing opportunities, which include offering UpcoPay to aggregators, starting in Italy. Via this strategy, Upco anticipates streamlined and rapid growth in its user base. Partnership discussions are currently underway with a number of potential partners.”
Todd Clyde, CEO of Token added: “Open banking is entering the next phase in its development, so companies need to look beyond faster and cheaper to how they can achieve a sustainable advantage that delivers long term value and benefits. We are working with Upco to implement A2A payment functionality and once live, look forward to helping them build out clear points of difference in their popular market.”
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce.