UK digital challenger Tandem is partnering with Token to leverage open banking opportunities and offer innovative payment services to consumers.
In particular, Token will deliver PSD2 RTS compliance and integrate account aggregation and bank direct payments solutions.
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The Tandem, Token partnership enables the bank to leverage AISP and PISP use cases to provide smarter, more personalised banking products.
Tandem has already hit the 14 March PSD2 deadline for technical specifications, support and testing facility.
According to Tandem, it is the first UK digital challenger built from the ground up with open banking in mind.
Ricky Knox, CEO, Tandem, says: “So far, most open banking services have focused on account aggregation. Our approach goes much further. With Token’s platform we can comply with the PSD2 regulation quickly and efficiently. This means we can focus our efforts on differentiating ourselves with an improved user experience. Leveraging both AISP and PISP use cases provides smarter, more personalised banking products that solve real people’s problems with money.”
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By GlobalDataAs well as PSD2 compliant APIs, Tandem has the option of using Token BankPay. This enables frictionless bank direct payments and Token Connect to expand its catalogue of aggregated banks through a single integration.
Tandem Token partnership: 70% cheaper
Steve Kirsch, Founder and CEO, Token adds: “Token offers the industry’s simplest and most secure transaction-based open banking APIs. Being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”
Token will provide Tandem with a turn-key PSD2 API, as well as outsourced TPP management, certification and support. This says Token is significantly more cost effective than alternatives.
Token’s says that its PSD2 solution is on average 70% less expensive to implement than other products currently available.
Token is authorised as an AISP and as a PISP by the FCA in the UK. It currently has passporting rights in an additional 20 countries.
At the end of 2018, Tandem had around 500,000 customers. Last year, it acquired fintech app Pariti. In addition, it bought Harrods Bank to gain a banking licence.
2019 innovations include the roll out of its auto savings account.
