At today’s Money20/20 Europe fintech conference in Amsterdam, it was revealed that Africa’s leading payments technology company Flutterwave, has joined forces with Token.io.
The main aim of the partnership is for seamless funds transfer between Africa and Europe. Flutterwave will now have the ability to offer its African e-commerce operators an upgraded approach to UK and EU consumers. Meanwhile, Token.io will also support Flutterwave’s stand in Africa allowing a Pay By Bank system for business operations in Africa.
The beauty of this is that A2A payments that are powered through an open banking system need no enrollment which is usually susceptible to mistakes, thereby creating a smooth payment process. The smooth process is due to the fact that consumers validate A2A payments directly with their bank for a seamless transition which is almost perfect when compared to market quality. Consumers also enjoy more value for their money when using A2A payments unlike regular payment systems and they also sort customers out immediately aiding the money stream.
The CEO of Flutterwave, Mr. Olugbenga Agboola said they are joining forces with Token.io to create a swifter and user-friendly process for people and organizations to pay and receive money. He further stated that the collaboration will bridge the gap between Africa and the business world which has been Flutterwave’s dream through the provision of Account-to-Account payments to our consumers.
The CEO of Token-io also quoted that “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.”
The reach for Token.io. are more than 567 million bank accounts in 16 European countries giving the best operating and widest affinity for open banking -powered A2A payments. It also allows customers to activate their own A@A payment ability to upscale their business.
Flutterwave on the other hand aids more than a million consumers in 34 African countries. It is a fintech company that allows consumers including Uber to transfer and receive funds, pay for items, and establish monetary goods. Now, A2A payments have the ability through Flutterwave’s Collect Payments product for businesses due to Token.io’s technology.
Another spin-off from Flutterwave called Send by Fluterwave which is a cross-border payment platform will allow Pay by Bank abilities which will come out in Q3. This platform will further ease the ability of Africans in Europe to send funds back to loved ones at home.
