# Token solidifies UK’s position as Open Banking Leader with Successful Payments for all CMA9 Banks Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-09-14 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: UK becomes first to implement Open Banking APIs Meta Description: Token.io Limited becomes first PISP to conduct end-to-end payments with public bank APIs, setting new standard for banking innovation. URL: https://financedigest.com/token-solidifies-uks-position-as-open-banking-leader-with-successful-payments-for-all-cma9-bankshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd140918-10-1736840267948-compressed.jpg) _Making the UK the only market in the world with active, functional Open Banking APIs_ > Turnkey open banking platform provider, Token.io Limited, today announces it is the first Payment Initiation Service Provider (PISP) to conduct an end-to-end payment with public bank APIs for each of the CMA9, a group of the nine largest banks and building societies in Great Britain and Northern Ireland. Reaching this milestone makes the UK the only region in the world with open and functioning Open Banking APIs. Marten Nelson, Co-founder of Token, comments: “This is a huge achievement, not just for Token, but for the whole [banking ecosystem](https://www.financedigest.com/open-finance-and-smart-ecosystems-wont-wait-for-banks.html "Open Finance and Smart Ecosystems Won’t Wait for Banks"). [Open Banking](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?") payments are faster than direct debits, more secure than credit cards and provide a richer user experience for consumers and businesses. The UK is paving the way forward to an API-led economy and we are delighted to have played such a significant part in giving [end users](https://www.financedigest.com/cable-cars-and-ropeways-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Cable Cars And Ropeways Market Competitive Growth Strategies Based on Type, Applications, End User and Region") simpler, faster banking that they have more control over.” Catherine McGrath, [Managing Director of Retail Banking](https://www.financedigest.com/how-effective-talent-management-could-disrupt-the-retail-banking-sector.html "HOW EFFECTIVE TALENT MANAGEMENT COULD DISRUPT THE RETAIL BANKING SECTOR") at Barclays comments: “Open Banking presents an exciting opportunity to evolve the way we currently bank and put our customers in charge of their data, enabling them to do exciting things with a broad range of parties. That is why it is great to be working together with Token and other [third party](https://www.financedigest.com/why-a-replacement-to-third-party-cookies-is-key-to-post-pandemic-recovery.html "Why a replacement to third party cookies is key to post-pandemic recovery") providers to offer consumers better ways to manage their money. Matt Cox, Head of Open Banking at Nationwide, comments: “Open Banking will revolutionise the way people do their day-to-day banking and manage their [finances](https://www.financedigest.com/the-future-of-open-finance.html "The Future of Open Finance"). Token is at the forefront of this innovation and we’re excited to see what they, and other third party providers, can do with [Open](https://www.financedigest.com/how-can-open-banking-help-smbs-navigate-the-cost-of-living-crisis.html "How can Open Banking help SMBs navigate the cost-of-living crisis? ") Banking.” Russell Saunders, [Managing Director](https://www.financedigest.com/tmwi-appoints-matt-franceschi-as-deputy-managing-director-to-help-spearhead-the-integrated-media-agencys-ongoing-growth.html "tmwi appoints Matt Franceschi as Deputy Managing Director to help spearhead the integrated media agency’s ongoing growth") of Global Payments at Lloyds Banking Group, adds: “Innovation in the market that gives consumers greater choice, control and transparency should be embraced, and Open Banking is a significant opportunity for the industry to work together to shape the future of banking. Lloyds [Banking Group is working with Token and other third party providers to enable consumers](https://www.financedigest.com/ant-group-starts-to-differentiate-consumer-loan-business-jiebei-from-bank-loans.html "Ant Group starts to differentiate consumer loan business Jiebei from bank loans") to benefit from Open Banking.” Token was invited to participate by the Open Banking Implementation Entity (OBIE), which was [set up by the Competition and Markets](https://www.financedigest.com/tissue-diagnostics-market-set-for-rapid-growth-by-2030.html "Tissue Diagnostics Market Set for Rapid Growth by 2030") Authority (CMA) in 2016 to deliver Open Banking. Token was able to bring together each bank’s implementation of the [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") and reduce complexity for developers by delivering a single, unified platform for customers to connect to. Token’s self-serve [testing approach](https://www.financedigest.com/cavai-tests-innovative-new-approach-for-the-home-offices-parentwise-pilot-campaign-helping-parents-and-carers-in-the-west-midlands.html "Cavai tests innovative new approach for the Home Office’s ‘ParentWise’ pilot campaign helping parents and carers in the West Midlands") also helped banks to validate that their implementation of the flexible specification appropriately supported PISP functionality including a myriad of authentication methods, optional endpoints and multi-use data fields. Imran Gulamhuseinwala OBE, Trustee of the OBIE, says: “This is a [tremendous achievement to be the first to market](https://www.financedigest.com/aluminum-cans-market-tremendous-growth-opportunity-trends-with-key-players.html "Aluminum Cans Market Tremendous Growth, Opportunity, Trends With Key Players") with active, open APIs in payments – moving customers ever nearer to reaping the benefits of innovative products and services.  The rest of the world is watching and learning from our experiences and I [firmly believe in time will see](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") how access to extraordinary new services will drive economic dynamism.” “The full potential of [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 ") can only be reached when true customer-centricity is achieved,” adds Nelson. “Account holders can permit a merchant, bank or another [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") to access their account data and initiate payments, all while enjoying a much richer user experience. However, unless a [business can offer this facility to all of its customers](https://www.financedigest.com/why-no-code-beats-custom-software-and-turnkey-solutions-for-business-automation.html "Why no-code beats custom software and turnkey solutions for business automation"), the proposition falls flat. That’s why Token [enables full interoperability between banks](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"), merchants, and service providers via a single standardised 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 with any other provider.” 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](https://www.financedigest.com/scams-avoided-how-to-prevent-bank-account-scams-in-2023.html "Scams Avoided: How to Prevent Bank Account Scams in 2023") information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank APIs. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---