• Mon, 15 Jul 2019, 05:58 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Open banking platform Token secures $16.5M strategic investment to transform payment industry

Image obtained from Token's Twitter

Thu, 20 Jun 2019, 06:49 am UTC

Turnkey open banking platform Token announced that it has raked in $16.5 million from prominent investors including BNP Paribas-backed Opera Tech Ventures, Octopus Ventures, and EQT Ventures.

As per its press release, the proceeds of the strategic round funding will be used to expand adoption of its open banking platform TokenOS and accelerate innovative payment methods with digital money and ID solutions.

For banks, establishing an early position in this new hyper-connected market is a competitive advantage; a new wave of independent financial apps and services will soon be available to their customers, so banks need to be clear about their future roles,” Steve Kirsch, Token founder and CEO, said.

By solving the infrastructure problem, Token enables them to focus on service innovation and delivery earlier than the competition.

Launched in 2015, the San Francisco and London-based Token offers its TokenOS that enables banks, their customers and developers to initiate payments and transfer money and information securely and instantly across the world.

Currently, Token is connected to over 4,000 banks, and it has recently partnered with Mastercard to provide support for the connectivity layer of the financial service corporation’s open banking hub. Its list of clients also include An Post, Khaleeji Commercial Bank, Sberbank Croatia and Slovenia, Tandem Bank, and Think Money Group.

Recently, consultancy firm McKinsey & Company said that retail banks are slow to adopt blockchain technology, citing regulations and conservative consumers as hurdles. It noted that retail banks remain cautious when it comes to the use of blockchain technology, while their investment banking counterparts are actively experimenting.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,559.60 (+0.05%)
  • Ethereum (ETH) $229.88 (-3.28%)
  • XRP (XRP) $0.315800 (+0.70%)
  • Litecoin (LTC) $91.05 (+0.72%)
  • Bitcoin Cash (BCH) $311.43 (+0.47%)
  • Bitcoin (BTC) $10,559.60 (+0.05%)
Jul 15, 2019 (Monday)
13:14
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
13:10
Draft of India’s cryptocurrency ban bill surfaces online
11:57
Shinhan Card patents blockchain-based system with credit card functionality
11:12
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
11:12
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
10:28
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
10:15
Enterprise blockchain firm R3 eyes IPO: Report
09:36
Bank of Thailand reviews blockchain applications in multiple areas
08:51
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
07:17
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
06:03
Georgia VAT-exempts cryptocurrencies
05:50
Bitpoint Japan finds part of stolen cryptocurrency
05:02
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
11:40
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
10:48
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
10:40
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
09:40
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
09:16
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
09:07
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
09:05
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft