Token's technology allows developers to offer faster bank payments."Covid-19 has driven a move to digital payments and open banking APIs have stabilized," said CEO Todd Clyde.Founded in 2016, Token is an open banking fintech startup which focuses on payments. The company was one of the first in the UK to be authorized by the national financial regulator for payment initiation.
Open banking is the means by which third-party developers, such as Token, can build applications around existing financial institutions. The sector has taken a long time to develop out of the UK and Europe, but is now accelerating. "Covid-19 has driven a move to digital payments and open banking APIs have stabilized," Todd Clyde, Token's CEO told Insider. "We've seen our data volume double each month since then."
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