Press Release

LONDON, 4 June, 2024 — Leading account-to-account (A2A) payment infrastructure provider, Token.io, announced today at Money2020 Europe the launch of new hosted payment pages to enhance Pay by Bank user experiences, and maximise conversions for merchants and their customers.

Hosted payment pages are secure web pages that provide businesses with plug-and-play checkout or payment capabilities. Payment Service Providers (PSPs), banks and merchants can leverage Token.io’s white label ‘Hosted Pages’ to quickly and easily launch their own custom branded Pay by Bank capabilities while maximising conversions.

With open banking-enabled payments (often called ‘Pay by Bank’) projected to surpass $288 billion in Europe by 2027, Token.io’s whitelabel infrastructure and market-leading open banking connectivity is already enabling PSPs, banks and merchants to quickly, easily and securely offer Pay by Bank as a payment method across multiple channels.

With Pay by Bank poised for further growth in the coming years, as more banks leverage instant payment rails in alignment with new European Commission regulations, the launch of Token.io’s Hosted Pages will elevate Pay by bank user experiences, introducing new conversion-boosting features, including:

• Faster bank authentication for payments initiated on desktop, with seamless handover to mobile banking apps via QR codes
• One-click selection journeys for banks without branches
• Minimised redirects with hosted payment pages overlaid on top of checkout/payment pages
• Refreshed interface design with faster load times, desktop and mobile-specific views
• Smarter bank selection experiences that suggest popular banks and save users’ preferences for frictionless return journeys
• More options to customise and brand user experiences with optional onboarding, success, and feedback screens

“At Token.io, we believe that exceptional user experiences are the key to unlocking the full potential of open banking and real-time payments,” said Todd Clyde, CEO at Token.io. “The launch of our new Hosted Pages reflects our commitment to delivering best-in-class solutions that not only improve conversion rates and streamline payment processes, but also enable our partners' growth in an increasingly competitive landscape."

Token.io’s first partner to benefit from enhanced hosted payment pages is Dublin-based payment orchestration platform Prommt. An early market leader, Prommt has expanded Pay by Bank use cases across hospitality, luxury retail, and automotive sectors with its pay by link capabilities. Prommt enables secure, seamless checkouts via SMS, email, chat, web, or in-app, offering Pay by Bank as a default or alternative payment method based on a set of orchestration parameters such as transaction value, location, or customer type. Over 60% of Prommt's clients now use Pay by Bank, achieving 93% payment success rates and reducing card fees by up to 88%. Prommt’s payment orchestration controls also enable merchants to seamlessly nudge customers to Pay by Bank over card.

“By leveraging Token.io's Hosted Pages, we can elevate the Pay by Bank experience for our merchants, enabling them to capitalise on the growing potential of open banking-enabled payments,” Stephen Culligan, Chief Product Officer at Prommt commented. “This not only helps businesses lower payment processing costs, improve liquidity and reduce fraud, but also empowers them to deliver exceptional payment experiences for their customers across multiple touchpoints and channels. We're thrilled to continue our collaboration with Token.io as we drive the widespread adoption of Pay by Bank.”

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