# Token Granted FCA Authorisation for Open Banking Payment & Information Services Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-05-02 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Token secures early place on official PSD2 register! Meta Description: Unlock the power of PSD2 with Token's official FCA authorisation for payment initiation and account information services. Connect to any bank in the EU Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/token-granted-fca-authorisation-for-open-banking-payment-information-serviceshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd020518-11-1736842769233-compressed.jpg) _Universal API banking platform secures early place on official PSD2 register of PISPs & AISPs_ Turnkey open [banking](https://www.financedigest.com/emerging-global-trends-in-digital-finance-and-banking-innovation.html) platform provider, Token, today announces its official authorisation by the Financial Conduct Authority (FCA) to deliver payment initiation and account information services, under the terms of PSD2. Via its universal open API banking platform, Token enables banks, merchants and other third-party providers (TPPs) to connect to any bank in the EU for payments and account information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank APIs. “Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to become PSD2 compliant and to expand into open banking-based [payments and data](https://www.financedigest.com/understanding-the-realities-of-payment-data-monetisation.html "Understanding the realities of payment data monetisation") aggregation services,” comments Marten Nelson, co-founder, Token. “From May 1st, all transacting businesses can connect to Token and accelerate their growth in payments and data by leveraging [open](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?") banking.” “The power of PSD2 and open banking lies in promoting customer-centricity,” continues Nelson. “In the anticipation of a richer and more convenient user experience, account holders can permit a merchant, a bank or another service provider to access their account data and initiate payments. Unless that [business can offer this facility to all its customers](https://www.financedigest.com/why-late-payments-are-hurting-your-customer-as-well-as-your-business.html "Why late payments are hurting your customer, as well as your business"), however, the proposition falls flat; only a percentage can take advantage. That’s why Token enables full interoperability between banks, merchants, and [service providers via a single standardised open banking](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") platform. All parties can connect immediately, securely and at a [lower cost](https://www.financedigest.com/companies-cost-inflation-is-slowing-but-shoppers-may-wait-for-lower-prices.html "Companies’ cost inflation is slowing but shoppers may wait for lower prices") than before.” The FCA license, which permits Token to connect UK customers to its platform, is another step towards Token’s goal of becoming the de-facto open [banking standard](https://www.financedigest.com/standard-chartered-rolls-out-digital-bank-in-hot-singapore-market.html "Standard Chartered rolls out digital bank in hot Singapore market") for payment and data transactions. With the UK license granted, Token now benefits from a ‘license passporting’ process that enables it to establish similar domestic authorisations in neighbouring EU countries much faster than before. “Token’s [ecosystem enablement begins with connecting banks](https://www.financedigest.com/what-does-2022-hold-for-open-banking-some-predictions-from-the-ecosystem.html "What does 2022 hold for open banking? Some predictions from the ecosystem"), merchants and consumers across the EU together via an easy to integrate, low cost and secure platform,” adds Nelson. “Crucially, however, we’re also creating a platform that provides a great environment for third party developers. These are the businesses that will make open banking really fly, when they [create all the awesome payment and aggregation apps and services](https://www.financedigest.com/veritone-launches-marvel-ai-a-complete-end-to-end-voice-as-a-service-solution-to-create-and-monetise-hyper-realistic-synthetic-voice-content-at-commercial-scale.html "Veritone Launches MARVEL.ai, a Complete End-to-End Voice-as-a-Service Solution, to Create and Monetise Hyper-Realistic Synthetic Voice Content at Commercial Scale") 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 already 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 [https://token.io/](https://token.io/contact) [contact](https://token.io/contact). Visit Token at Money 2020 Europe in Amsterdam June 4-6. 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. ---