Flutterwave partners Token.io to provide A2A payments for African e-commerce merchants

African fintech unicorn Flutterwave has partnered with Token.io, Europe’s leading account-to-account (A2A) payment infrastructure provider, to provide Pay By Bank transfer to users in UK and countries in the European Union.

A2A payments (also known as ‘Pay By Bank’) are a fast and secure way to move money between bank accounts. Open banking powered A2A payments do not require registration or error-prone data entry, making them a seamless payment method. End-users authenticate A2A payments directly with their bank for a frictionless experience that also delivers higher success rates than market standards. A2A payments offer merchants cost savings compared to traditional payment methods and settle instantly to improve cash flow.

According to Olugbenga “GB” Agboola, CEO of Flutterwave:

"Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money. By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy."

Powered by open banking, Token.io’s A2A infrastructure enables payment providers to launch their own A2A payment capabilities to grow their market share. Token.io offers the highest performing and deepest connectivity for open banking powered A2A payments in the industry, reaching over 567 million bank accounts (80%+ of accounts per market) in 16 European countries.

"We are 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," says Todd Clyde, CEO of Token.io. "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."

Flutterwave enables customers including Uber to send and collect payments, process payments, and build financial products. The fintech unicorn currently supports over a million customers across 34 countries in Africa. Enabled by Token.io's technology, A2A payment capabilities are now available through Flutterwave’s Collect Payments product for businesses.

Pay By Bank capabilities will also be available on Send by Flutterwave, Flutterwave’s cross-border payment platform, later this year. According to a statement shared with Bendada.com, this will further simplify money transfer for Africans in the UK/EU looking to send money back home.