Flutterwave partners with Token.io for pay-by-bank capabilities

Flutterwave , an African FinTech company, has partnered with Token.io to offer pay-by-bank transfers on its platform. Token.io is an A2A payment infrastructure provider from Europe. Pay by bank involves transferring money from one bank account to another instantly.

Flutterwave and Token.io partnership

In a press release on Tuesday, Flutterwave CEO, Olugbenga Agboola stated, “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 (A2A) payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy”.

The A2A payments, also referred to as pay by bank allow its users to move funds between accounts in a fast and secure manner without having to deal with registration and the error-prone data entry. One is able to authenticate the payment directly with their bank for a seamless experience.

Besides, as compared to the conventional modes of payment, A2A payments will equate to improved cash flow and increased cost reductions for merchants.

With regard to the partnership in question, Token.io’s CEO, Todd Clyde stated, “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”.

Flutterwave is a payments technology firm that uses an Application Programming Interface (API) to facilitate local and cross-border transactions. Through this infrastructure, businesses across the world are able to expand their operations in Africa and other emerging markets.

So far, the company has processed over 400 million transactions equating to over $25 billion. Besides, it serves more than one million businesses including major brands like Uber, MTN, Chipper, Wise, Microsoft, and Piggyvest.