Santander UK has partnered with Token.io to revolutionise open banking payments, aiming for efficiency and innovation.
- The partnership was announced at the Open Banking Expo in London by key executives from both companies.
- Santander will use Token.io’s A2A infrastructure to streamline credit card repayments with enhanced security measures.
- The collaboration aligns with industry trends towards instant payments and open banking to maintain competitiveness.
- Santander is adopting advanced technology to improve services, highlighting a commitment to innovation.
The collaboration between Santander UK and Token.io represents a significant step forward in the realm of open banking payments, as announced during the Open Banking Expo in London by Santander’s Chief Payment Officer, Paul Horlock, and Token.io’s CEO, Todd Clyde. This joint endeavour aims to utilise Token.io’s account-to-account (A2A) payments infrastructure to enhance the payment systems at Santander, focusing on credit card repayments and real-time transfers.
Initially, Santander plans to integrate Token.io’s system to offer direct payments from external bank accounts as an alternative for credit card repayments. This method is designed to supersede traditional direct debit or manual bank transfers by offering a streamlined process that supports biometric Strong Customer Authentication (SCA) for mobile transactions.
The collaboration reflects broader industry trends as outlined in Capgemini’s World Payments Report 2025, suggesting that open banking and instant payments could potentially offset 15-25% of the growth in card transaction volumes. Embracing these technologies is seen as vital for banks to maintain competitive advantage and support long-term growth within the evolving financial landscape.
Beyond payments, Santander UK has significantly reduced customer onboarding times by employing a fully digital process that integrates third-party data for compliance and customer service efficiencies. This reduction from 14-21 days to roughly 5 days illustrates the positive impact of digital integration on traditional banking processes.
Further demonstrating its commitment to pioneering technology, Santander has launched a new mobile banking application and formed an internal AI working group. This group focuses on applying AI technologies to risk compliance, data protection, and improving loan and mortgage processing times, showcasing Santander’s proactive approach to leveraging technology for operational enhancement.
Token.io continues to expand its influence with its network now covering 20 countries and achieving significant bank account coverage within each market. Their introduction of Virtual Accounts and UK-specific Commercial Variable Recurring Payment (CVRP) capabilities provides additional flexibility and improved service for e-commerce platforms.
The collaboration between Santander UK and Token.io exemplifies the proactive embrace of new technologies to enhance financial services and competitiveness.
