# Token Enables Bank Direct Payments for Caxton FX Consumer and Business Customers Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-06-05 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Token enables Caxton FX to offer fast loading on Meta Description: Integrating Token's open banking platform enables Caxton FX customers to easily load their multi-currency cards from their bank accounts, reducing costs Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/token-enables-bank-direct-payments-for-caxton-fx-consumer-and-business-customershtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd050618-8-1736842657954-compressed.jpg) _Empowers international FX leader to leverage open banking to offer a simple, fast and convenient way for customers to load their prepaid multi-currency cards._ 4 June, 2018 – Turnkey open banking platform provider Token today announces that it is enabling Caxton FX to provide a bank direct payments facility to its consumer and business prepaid multi-currency card customers. Caxton FX is an international expert in foreign exchange. Its multi-currency cards and international [bank transfer services are used by 750,000 private and business customers](https://www.financedigest.com/the-bank-of-me-why-banks-need-to-be-totally-customer-centric.html "The bank of me – why banks need to be totally customer centric"), and in 2017 Caxton FX processed 7.3 million transactions and transferred more than €1 for every man, woman and child on the planet. Integration with Token’s platform enables Caxton’s [customers to load their prepaid multi-currency cards with funds directly from their bank](https://www.financedigest.com/insight-into-tomorrows-retail-banking-customers.html "INSIGHT INTO TOMORROW’S RETAIL BANKING CUSTOMERS") accounts via Caxton’s mobile app, making the cardholder’s loading experience significantly faster and more convenient than before.  In the process, both Caxton and its customers also benefit from dramatically reduced costs, [instant payments](https://www.financedigest.com/the-latest-trends-in-instant-payments-and-how-they-impact-banks.html "The latest trends in instant payments and how they impact banks") and increased security. Routing the [customer payment via Token instead of using conventional debit card](https://www.financedigest.com/can-banks-acquire-customers-with-biometric-payment-cards.html "Can banks acquire customers with biometric payment cards?") rails decreases the cost of payment acceptance by over 50% and enables instant processing. Previously, [customer loaded funds](https://www.financedigest.com/impact-com-fiscal-year-h1-2021-1-5b-valuation-150m-in-funding-bigcommerce-integration-69-customer-growth.html "impact.com Fiscal Year H1 2021: .5B Valuation, 0M in Funding, BigCommerce Integration, 69% Customer Growth") could take up to three days to clear. This new settlement time frame is significant for Caxton as it improves [cash flow](https://www.financedigest.com/covestro-sees-lower-2023-profit-cash-flow-as-macro-challenges-prevail.html "Covestro sees lower 2023 profit, cash flow as macro challenges prevail") management. Marten Nelson, Co-founder and CMO, Token, comments: “When done right, [open banking represents the biggest opportunity for banks and financial service](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") providers in the last 50 years. Its real power [lies in enabling new levels of customer-centric products and services](https://www.financedigest.com/the-future-of-financial-services-lies-in-hyperautomation.html "The Future of Financial Services Lies in Hyperautomation"). For Caxton FX, this begins by [offering a refreshingly simple and convenient way for new customers to load their cards](https://www.financedigest.com/fingerprints-and-tag-systems-collaborate-to-offer-contactless-biometric-payment-cards-globally.html "Fingerprints™ and Tag Systems collaborate to offer contactless biometric payment cards globally"). For the wider industry, the possibilities are endless. Our partnership with Caxton reinforces our commitment to all players in the digital ecosystem; we exist to help them lower costs and deliver an amazing, market-differentiating [experience to their customers](https://www.financedigest.com/customer-experience-creating-the-calm-in-the-chaos.html "Customer Experience: creating the calm in the chaos"), through a rich, yet simple integration.” Rupert Lee-Browne, CEO, Caxton FX, adds: “We are delighted to be working with Token on this highly innovative solution to [open banking](https://www.financedigest.com/four-years-of-open-banking-2022-may-be-the-best-year-yet.html "Four years of Open Banking: 2022 may be the best year yet "). The team at Token have been great to work with and we are very excited to be rolling this particularly useful feature out to our customers.” Token’s unique [technology platform ensures that only a representation of the cardholder’s sensitive payment](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS") data is ever transmitted, in the form of a Smart Token. These tokens can be re-used without any security degradation, meaning that the requirement to manually approve every payment is negated from the loading process, increasing efficiency. Caxton FX and Token are embarking on a phased roll out of Token’s payment service, which begins with consumer cardholder onboarding in Q3 2018. The ability to load cards directly from bank accounts will be [made available](https://www.financedigest.com/lyme-disease-treatment-market-forecast-to-2031-made-available-by-top-research-firm.html "Lyme Disease Treatment Market Forecast to 2031 Made Available by Top Research Firm") to the thousands of customers who join Caxton FX each month, as well as Caxton’s business multi-currency cardholders. Token is seeing demand from a range of industries and is actively [engaged with customers](https://www.financedigest.com/chatbots-the-secret-weapon-to-customer-engagement.html "Chatbots: The secret weapon to customer engagement?") to help them capitalise on open banking through a variety of different use cases. Banks, merchants and developers interested in accessing any bank via a single API should contact Token at [token.io/contact](https://token.io/contact). Visit Token at Money 2020 Europe in Amsterdam 4-6th June on stand D30. Contact the team at [m2020@token.io](mailto:m2020@token.io) to arrange a meeting. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---