Ecommpay has extended its partnership with Token.io adding virtual accounts in four new markets — the Netherlands, Spain, France and Ireland.
Ecommpay Open Banking Advanced, delivers cash-flow and customer experience benefits for e-commerce businesses.
With the A2A payment market forecast[1] to grow significantly, Ecommpay says it is committed to delivering solutions that enable e-commerce merchants to capitalise on this opportunity.
Its partnership with Token.io, which powers Ecommpay’s Open Banking payment solutions in the UK and Europe, has been extended to include local settlement IBANs for the Netherlands, Spain, France and Ireland.
This latest product enhancement eliminates the risk of IBAN discrimination, which can slow down payment settlement, and facilitates faster acceptance of funds through SEPA Instant.
Virtual accounts enable e-commerce businesses to receive real-time settlement confirmation and make API-driven refunds or payouts, improving the speed and efficiency of transactions.
By providing local IBANs in more markets, virtual accounts also reduce the possibility of payment discrimination, while leveraging open banking for payments facilitates faster acceptance of funds through SEPA Instant.
“We are thrilled to extend our virtual accounts offering to more markets, building on our existing partnership with Token.io,” says Moshe Winegarten, Chief Revenue Officer at Ecommpay.
“By providing businesses with local IBANs and seamless payments, we are reinforcing our commitment to driving financial inclusion and enhancing local payment capabilities to improve the customer experience, which, in turn, will support conversion for merchants.”
With the total number of open banking-enabled payments projected to reach 5.3 billion across Europe by 2027[2], Ecommpay was among the first PSPs to deliver this cutting-edge payment capability to merchants in 2020.
Open Banking-enabled payments, or ‘Pay by Bank,’ deliver substantial benefits over traditional payment methods.
Merchants enjoy reduced costs, faster access to funds, and improved cash flow, while end users enjoy secure, seamless payments without needing to share card details or manually input sensitive data.
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