# Mastercard Selects Token.io as a Partner for its New Open Banking Hub
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-02-14
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Token.io Engages as Mastercard's Open Banking Partner
Meta Description: Token.io Limited partners with Mastercard to power open banking hub, providing enhanced security and connectivity for businesses and consumers across Europe.
URL: https://financedigest.com/mastercard-selects-token-io-partner-new-open-banking-hubhtml

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_Token provides pan-European access to banks, exceptional UX, enhanced security and richer functionality for businesses and consumers_

Turnkey open banking platform provider, Token.io Limited, today announces it has been selected by Mastercard to power the connectivity layer of its open banking hub. The hub will connect merchants, retailers and other regulated third parties to financial institutions in Europe for data and payment transactions.

Further to the announcement in June 2018, Mastercard’s services will include:

1. A pan-European directory to help financial institutions ensure that Third Party Providers (TPPs) seeking access to a [customer’s account](https://www.financedigest.com/covid-19-has-made-your-customer-accounts-more-valuable.html "Covid-19 has made your customer accounts more valuable") are legitimate and hold the appropriate regulatory status;
2. A dedicated dispute resolution mechanism; and
3. A connectivity hub.

Jim Wadsworth, Senior Vice President, and leading the development of Mastercard’s [Open Banking](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?") offering, says: _“Open banking has the potential to_ _revolutionise_ _how we all interact with financial services. Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and [payments experiences](https://www.financedigest.com/how-netflix-justeat-and-uber-raised-the-bar-for-the-payments-experience.html "How Netflix, JustEat and Uber raised the bar for the payments experience") for people’s everyday lives. Token’s work in this space will help us to deliver the vision we’ve set.”_

Steve Kirsch, Founder and CEO, Token added: “Fragmentation and a lack of consistency in [third party access are creating complexity in open](https://www.financedigest.com/volvo-car-considers-opening-third-plant-in-europe.html "Volvo Car considers opening third plant in Europe") banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform to address these issues at scale and together accelerate the global adoption of open banking.”

_[Robot Operating System Market is witnessing a Sustainable Growth Due to Increase in Demand Scrutinized in the New Analysis](https://www.financedigest.com/robot-operating-system-market-is-witnessing-a-sustainable-growth-due-to-increase-in-demand-scrutinized-in-the-new-analysis.html "Robot Operating System Market is witnessing a Sustainable Growth Due to Increase in Demand Scrutinized in the New Analysis")_ Token has been selected as a partner to launch the connectivity hub, which will deliver secure connectivity between third parties’ and financial institutions’ APIs using Token’s operating system, TokenOSTM.

Token.io Limited is authorised as an Account Information [Service Provider](https://www.financedigest.com/unprecedented-constructive-disruption-to-drive-the-sleep-service-providers-market.html "Unprecedented, constructive disruption to drive the Sleep Service Providers Market") (“AISP”) and as a Payment Initiation Service Provider (“PISP“) by the Financial Conduct Authority in the UK. Last year it made history by becoming the first and only PISP to successfully conclude testing with the CMA9, and has since completed integration into all of the UK [Open Banking APIs](https://www.financedigest.com/the-future-of-financial-services-how-apis-are-fuelling-the-rapid-rise-of-open-banking.html "The future of financial services – how APIs are fuelling the rapid rise of Open Banking") for both data and payment initiation.

TokenOSTM delivers flexible, open APIs and programmable money technology, together with the operational support, consent management, [monitoring and reporting required to manage and develop new services](https://www.financedigest.com/constructive-digitization-to-let-the-remote-patient-monitoring-services-market-come-of-age.html "Constructive digitization to let the Remote Patient Monitoring Services Market come of age").

For further information about Token.io, and how its technology enables banks and financial institutions to deliver PSD2 compliance and generate new open banking revenue streams, visit: [www.token.io](http://www.token.io/).


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