# Sberbank Embraces Open Banking with Token in Slovenia Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-07-20 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Token.io Limited technology implemented by Sberbank in Slovenia Meta Description: Token.io announces partnership with Sberbank Slovenia to comply with PSD2 regulations and provide customers with secure, fast, and frictionless open banking URL: https://financedigest.com/sberbank-embraces-open-banking-with-token-in-sloveniahtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd200718-1-1-1736840289092-compressed.jpg) Token.io Limited announces that its technology has been implemented by Sberbank in Slovenia as of today, 17 July 2018.  Token is an open banking platform provider that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly and without friction. > Token’s Application Programming Interface (API) for banking infrastructure ensures that Sberbank Slovenia complies with PSD2. Using the Token iOS and Android mobile applications, customers of Sberbank from Slovenia will be able to reap the benefits of [open banking](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?"), with services such as one-click e-commerce and account aggregation on the roadmap. Aleš Zajc, Deputy CEO of Sberbank from Slovenia, responsible for Retail banking, states: “Our choice to work with Token reflects our commitment to shaping a new era of [banking and payments](https://www.financedigest.com/more-banks-join-european-instant-payments-pilot-from-end-2023.html "More banks join European instant payments pilot from end 2023"). Our cooperation with Token enables a platform-based banking model that will allow us to [substantially improve our customers’ experience](https://www.financedigest.com/cherry-picker-crane-market-is-expected-to-experience-substantial-gains-with-projections-around-6-to-8-cagr-from-2021-to-2031.html "Cherry Picker Crane Market is expected to experience substantial gains, with projections around 6% to 8% CAGR from 2021 to 2031"). With Token’s frictionless authentication programmed into each transaction, we will be able to increase payment speed and convenience without [ever](https://www.financedigest.com/london-police-say-queens-funeral-poses-biggest-ever-security-test.html "London police say queen’s funeral poses biggest ever security test") compromising on security.” Sberbank is the seventh largest institution on the Slovenian [banking market](https://www.financedigest.com/the-stem-cell-banking-market-to-keep-up-the-digitized-momentum.html "The Stem Cell Banking Market to keep up the digitized momentum") and boasts a strong international network of partners and clients. Sberbank is the first financial provider/bank in Slovenia to look beyond PSD2 compliance and move towards an entirely open banking system. This first-mover positioning builds upon two successful [product launches](https://www.financedigest.com/new-product-launches-to-put-the-cod-liver-oil-market-in-a-good-stead.html "New Product Launches To Put The Cod Liver Oil Market In A Good Stead") with a strong focus on Retail clients: the ‘Ekspres loan’ product and ‘Change the bank proces’. Working with Token goes hand in hand with Sberbank Retail strategy as it looks to the [API economy](https://www.financedigest.com/how-fs-organisations-can-use-subscriptions-to-get-ahead-in-the-api-economy.html "How FS organisations can use subscriptions to get ahead in the API economy") as a pathway to the future of banking. Steve Kirsch, Founder and CEO of Token, comments: “Token offers the industry’s simplest and most secure transaction-based open banking API, which will provide Sberbank Slovenia quicker [data aggregation and direct payments](https://www.financedigest.com/understanding-the-realities-of-payment-data-monetisation.html "Understanding the realities of payment data monetisation") driven by Smart Token technology. Crucially, our cloud-based platform will give Sberbank both flexibility and scalability when creating and handling transactions.” Banks use Token’s software to [issue and redeem payment](https://www.financedigest.com/exclusive-apple-hit-with-antitrust-case-in-india-over-in-app-payments-issues.html "Exclusive-Apple hit with antitrust case in India over in-app payments issues") and account information authorizations as Smart Tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each Smart Token to be uniquely specified to the transaction it represents. Sensitive account information never [leaves the bank’s](https://www.financedigest.com/societe-generale-says-two-senior-executives-to-leave-bank.html "Societe Generale says two senior executives to leave bank") systems, substantially reducing security vulnerabilities.When PSD2, the revised [European Payment Services Directive, comes into force in September 2019, European banks](https://www.financedigest.com/u-s-european-banks-could-lose-over-5-billion-from-risky-buyout-loans.html "U.S., European banks could lose over billion from risky buyout loans") will be required to grant third party providers access to their customers’ data. Token not only delivers this, it also enables banks to offer an improved [customer experience](https://www.financedigest.com/financial-services-is-upping-its-customer-experience-game.html "Financial services is upping its customer experience game") when doing online transactions. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---