Flutterwave and Token.io Join Forces to Simplify International Fund Transfers
During the Money20/20 Europe fintech conference held in Amsterdam, it was announced that Flutterwave, Africa’s leading payments technology company, has partnered with Token.io.
The primary objective of this partnership is to facilitate seamless funds transfer between Africa and Europe. With this collaboration, Flutterwave will enhance its offering to African e-commerce operators by providing an upgraded approach to reach UK and EU consumers. Additionally, Token.io will extend its support to Flutterwave in Africa, enabling a Pay By Bank system for business operations on the continent.
The significance of this collaboration lies in the fact that Account-to-Account (A2A) payments powered by an open banking system eliminate the need for enrollment, which often leads to errors. As a result, the payment process becomes smoother. Consumers validate A2A payments directly with their banks, ensuring a seamless transition and a level of quality that surpasses traditional payment systems. A2A payments offer customers immediate solutions and added value for their money, enhancing the overall money flow.
Olugbenga Agboola, the CEO of Flutterwave, expressed his excitement about joining forces with Token.io to establish a faster and user-friendly payment process for individuals and organizations. He emphasized that this collaboration fulfills Flutterwave’s long-standing vision of bridging the gap between Africa and the business world through the provision of Account-to-Account payments to their consumers.
The CEO of Token-io, Todd clyde , said “We’re confident that Token.io’s infrastructure will help Flutterwave offer its customers a more comprehensive payment solution, with A2A payments being a key part of this for UK, Europe, Middle East and Africa corridors. This partnership underscores our commitment to enabling payment providers to grow with open banking powered A2A payments, which are projected to exceed 6.5 billion in annual global volumes by 2027.”
Token.io has a substantial reach, with access to over 567 million bank accounts in 16 European countries. This extensive network provides the optimal infrastructure for open banking-powered Account-to-Account (A2A) payments, making it the most comprehensive and effective solution available. Token.io also empowers customers by enabling them to activate their own A2A payment capabilities, allowing them to enhance and expand their business operations.
On the other hand, Flutterwave is a fintech company that serves more than a million consumers across 34 African countries. Their services enable consumers, including companies like Uber, to transfer and receive funds, make payments for goods and services, and establish financial products. With the integration of Token.io’s technology, Flutterwave now offers A2A payments through its Collect Payments product for businesses. This integration enhances the capabilities of Flutterwave, allowing seamless A2A transactions for their users.
Additionally, Flutterwave’s spin-off product, Send by Flutterwave, is a cross-border payment platform that will introduce the Pay by Bank feature in the third quarter. This new functionality will further simplify the process of sending funds from Africans residing in Europe to their loved ones back home. This advancement will provide a convenient and efficient solution for remittances and support the financial needs of Africans in the diaspora.
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Source: Africa Fintech Submit.
