Token recently launched its services in Romania, providing Account Information Services (AIS) and Payment Initiation Services (PIS) to more than 81% of bank accounts in the country. This expansion brings Token’s connectivity network to 16 markets, a notable achievement in the Open Banking space.

With direct API integrations for both PIS and AIS, Token enables payment providers to offer Pan-European A2A payments through a single integration, reducing costs and enhancing efficiency. This move is expected to drive significant growth, leveraging Token’s strong position in the Open Banking market.

Token claims that Open Banking payments can save merchants up to 20 times more than traditional payment methods, settle instantly, and improve cash flow by allocating incoming funds for faster reconciliation. Moreover, end-users benefit from a better authentication process with higher success rates compared to card payments.

In 2022, Token’s transaction volumes in Europe grew by 250%, and the expansion into Romania is set to further propel this growth. The Romanian market shows great potential for Open Banking adoption, with predictions that over 50 million users will be using such services by 2027.

The global payment industry is anticipated to see significant development in the Open Banking and Open Finance sectors, expected to reach USD 13.9 billion in Central and Eastern Europe within the next four years.

Token’s Growth Strategy

Todd Clyde, CEO of Token, envisions making Open Banking payments a mainstream payment method across Europe. As one of the few providers in Romania, Token aims to deliver these services effectively, enhancing user experiences and driving higher success rates for Open Banking payments.