Flutterwave, the leading payments technology company in Africa, has partnered with Token.io, a prominent provider of Europe’s leading account-to-account (A2A) payment infrastructure, to integrate Pay By Bank transfer capabilities into Flutterwave’s platform. The announcement was made at the Money20/20 Europe fintech conference in Amsterdam.
This collaboration will allow Flutterwave to offer its African e-commerce merchants improved access to customers in the UK and EU. In turn, Token.io will leverage Flutterwave’s presence in Africa to enable the Pay By Bank method for businesses on the continent. A2A payments, powered by open banking, provide a fast and secure way to transfer funds without the need for registration or error-prone data entry. This seamless payment method allows end-users to authenticate payments directly with their bank, resulting in a frictionless experience and higher success rates compared to traditional methods. Additionally, A2A payments offer cost savings to merchants and settle instantly, enhancing cash flow.
Olugbenga “GB” Agboola, CEO of Flutterwave, expressed excitement about the partnership, stating that it will facilitate faster and easier money transfers for individuals and businesses. He also emphasized Flutterwave’s mission of connecting Africa to the global economy through the provision of Account-to-Account payments. Todd Clyde, CEO of Token.io, affirmed that Token.io’s infrastructure will contribute to a more comprehensive payment solution for Flutterwave’s customers, highlighting the significance of A2A payments in various global corridors.
Token.io’s A2A infrastructure, powered by open banking, enables payment providers to establish their own A2A payment capabilities, leading to market share growth. With extensive connectivity across 16 European countries and access to over 567 million bank accounts (80%+ coverage per market), Token.io offers the most reliable and extensive open banking-powered A2A payment solution in the industry.
Flutterwave is a payments technology company that facilitates payment transactions, processing, and the development of financial products for customers like Uber. Currently serving over a million customers in 34 African countries, Flutterwave has integrated Token.io’s technology to provide A2A payment capabilities through its Collect Payments product for businesses. Pay By Bank capabilities will also be available on Flutterwave’s cross-border payment platform, Send by Flutterwave, in Q3. This expansion will simplify money transfers for Africans residing in the UK/EU who wish to send funds back home.