Sberbank Croatia chooses Token for PSD2 compliance

technology
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Open banking platform provider increases presence in Eastern Europe, enables Sberbank to look beyond regulatory compliance to value-added services

April 2019 – Turnkey open banking platform provider, Token.io, today announces its selection by Sberbank Croatia to deliver PSD2 compliance and open banking capabilities.

Sberbank Croatia is a subsidiary of Sberbank, a tier one European bank in terms of assets. The bank is now integrating TokenOSTM into its banking infrastructure to establish PSD2 compliance and enable the systems flexibility required for it to develop new value-added open banking services, such as bank direct payments and account aggregation.

The news extends Token’s relationship with Sberbank which began in 2018 when Token announced a partnership with Sberbank Slovenia, and is further evidence of Token’s traction in a region that initially favoured solutions from central European providers.

Csaba Soos, CEO, Sberbank Croatia, comments: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

Steve Kirsch, Founder and CEO, Token adds: “As the winner of the 2018 Central and Eastern Europe Transaction Banking Award, Sberbank has already demonstrated its commitment to digital transformation. Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Token offers the industry’s simplest and most secure transaction-based PSD2 API, which, being cloud-based, gives Sberbank both flexibility and scalability when initiating and managing transactions. Now, Sberbank Croatia can be accessed by any regulated TPP in Europe. The bank gains crypto-based security and programmable money technology together with the operational support, consent management, monitoring and reporting needed to succeed. Compared to alternative open banking solutions available, Token is on average 70% less expensive to implement.

For further information about Token.io, and how its open banking infrastructure enables PSD2 compliance and new revenue streams for banks visit: www.token.io

Visit Token, proud sponsor of the Fintech Finance Around the World Payments Race, at Money 20/20 Europe in Amsterdam 3-5th June on stand H10. Contact the team at [email protected] arrange a meeting.

Media Contacts

Beckie Richardson | [email protected] | +44 (0)113 350 1922

About Token

Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.

Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.

Token is a recognised industry leader, winning Best Payments Newcomer in the 2019 Card and Payments Awards; Fintech Start Up of the Year in the 2019 FStech Awards; and the Open Banking category in the 2018 London Institute of Banking & Finance Financial Innovation Awards. Token was also named as one of the top ten companies to watch globally in the 2017 Financial Times Future of Fintech shortlist and named in CB Insights’ 2017 global annual ‘The Fintech 250’ ranking.

For further information, please consult: http://www.token.io or follow us on Twitter:@token_io and https://www.linkedin.com/company/token-inc-/