# Token Enables Bank Direct Payments for Paymentworld Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-05-29 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Token Enables Paymentworld to Offer Bank Direct Payments Meta Description: Token's open banking platform allows Paymentworld to provide instant, chargeback-free bank direct payments, improving UX and lowering costs for businesses. URL: https://financedigest.com/token-enables-bank-direct-payments-for-paymentworldhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd290518-1-1-1736842685958-compressed.jpg) _Enables European EMI to harness the power of open banking – lowering costs, improving UX, and enabling value-added services_ Turnkey open banking platform provider Token today announces that it is enabling Paymentworld Europe Ltd. to provide a bank direct payments facility to its business and consumer customers. Paymentworld’s portfolio of payment services includes a payment [gateway](https://www.financedigest.com/online-payment-gateway-market-to-witness-a-cagr-of-10-3.html "Online Payment Gateway Market to witness a CAGR of 10.3%") with 400+ payment options in 160 countries, an EWallet that enables B2B, B2C and C2C transactions, independent payment processing and value-added services such as loyalty and bonus programmes. Integration with Token’s platform benefits Paymentworld’s gateway customers by [enabling bank](https://www.financedigest.com/enabling-decision-making-success-in-the-banking-industry-3-considerations.html "Enabling decision-making success in the banking industry – 3 considerations") direct payments and lowering the cost of transactions – as well as being a chargeback-free solution when used at checkout. It also improves the end-user [experience by allowing individuals and merchants to make payments](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") and check their balance in-app, without redirecting to banking portals. Jens Podewski, CEO, MD and Founder of Paymentworld, explains, “Our aim is to enable our [customers to quickly and easily initiate and receive payments in whatever form best suits](https://www.financedigest.com/the-value-of-customer-centricity-to-c-suite-financial-strategy.html "The value of customer-centricity to C-Suite financial strategy") them, wherever they are in the world. Adding [bank direct payments to our payment gateway and EWallet solutions via Token’s platform is the next logical step and establishes us as early market-leaders in the new era of open](https://www.financedigest.com/why-open-banking-heralds-a-new-era-of-ecommerce-merchant-and-bank-collaboration.html "Why Open Banking Heralds a New Era of eCommerce Merchant and Bank Collaboration") banking.” For businesses looking to maximise the opportunities offered by [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 "), like Paymentworld, Token is the only open banking solution that covers the entire value chain. Unlike other service providers, Token has a single API to access all banks for payments and data. This enables Paymentworld to offer instant, bank direct [payments to its customers and solves the integration pain](https://www.financedigest.com/taking-the-pain-out-of-payments-for-the-21st-century-worker.html "TAKING THE PAIN OUT OF PAYMENTS FOR THE 21ST CENTURY WORKER") being felt across the industry caused by multiple proprietary bank APIs. Additionally, its cloud-based Smart Token [technology enables](https://www.financedigest.com/ethical-financial-selling-the-role-of-compliance-technology-and-sales-enablement.html "Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement ") flexibility and scalability in creating and handling transactions by using a unique security model. Paymentworld has recently partnered with marketplace KAUFinBW.de ( [www.kaufinbw.de](http://www.kaufinbw.de)), which brings together local merchants and consumers in Baden-Wuerttemberg, Germany. Paymentworld’s EWallet will use Token to enable merchants that may not be eligible to on-board with traditional payment processors due to their start-up status, [size or business](https://www.financedigest.com/covid-19-is-impacting-the-high-speed-steel-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2031.html "COVID-19 Is Impacting The High Speed Steel Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2031") model. This is a [key benefit of open banking for these players](https://www.financedigest.com/alanine-market-key-players-swot-analysis-key-indicators-and-forecast-to-2029.html "Alanine Market Key Players, SWOT Analysis, Key Indicators and Forecast to 2029") because they no longer suffer a commercial penalty for being new to the game. Consumers that use the EWallet will be able to make payments without being redirected to banking portals, [substantially improving their 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"). “The marketplace already supports traditional payment methods, but the addition of Token’s bank- direct [payments will be a game changer for merchants,” Podewski continues](https://www.financedigest.com/why-anti-spoofing-fingerprint-technology-is-essential-for-the-continued-growth-of-digital-payments.html "Why anti-spoofing fingerprint technology is essential for the continued growth of digital payments"). “By providing them with access to instant, chargeback and risk-free payments without the need to follow [restrictive card scheme rules](https://www.financedigest.com/eu-to-restrict-travel-rules-for-russians-split-on-how-far-to-go.html "EU to restrict travel rules for Russians, split on how far to go"), even cryptocurrencies can’t compete with this on flexibility or cost.” Marten Nelson, Co-Founder and CMO, Token, adds, “Our vision is to enable all transacting businesses to harness the power of open banking to simplify, accelerate and reduce the [cost of transacting globally](https://www.financedigest.com/asias-factory-activity-weakens-on-global-slowdown-cost-pressures.html "Asia’s factory activity weakens on global slowdown, cost pressures"). Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to expand into payments and data aggregation services via a single standardised [open banking](https://www.financedigest.com/open-finance-and-smart-ecosystems-wont-wait-for-banks.html "Open Finance and Smart Ecosystems Won’t Wait for Banks") platform. Crucially, this platform also provides a great environment for third parties like Paymentworld, because these are the businesses that will make [open banking really fly by creating the payment services](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") that end-users want.” Token is [seeing demand](https://www.financedigest.com/german-home-solar-power-firm-sees-bright-future-as-demand-soars.html "German home solar power firm sees bright future as demand soars") from a range of industries and is actively engaged with customers 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. 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. ---