Token chosen by ShoppingOS as Open Banking tech partner
Ellie Duncan | News
18 Mar 2022
ShoppingOS has partnered with Open Banking payments platform Token to enable ecommerce businesses to make the transition to bank payments “without writing a line of code”.
The new partnership aims to make it easier for ecommerce merchants in the UK to accept Open Banking payments on their platform.
ShoppingOS cited a survey, published by the British Retail Consortium last year, which found that payment costs are rising, with more than £1.3 billion spent by UK merchants to accept payments from their customers in 2020.
Ilia Dragan, CPO at ShoppingOS, said: “Our platform enables us to deliver the last mile of Open Banking to merchants, our infrastructure is purposely built to democratize Open Banking services for everyday life by building upon two layers – the bank’s APIs and the Open Banking aggregator’s APIs, which take care of all the technical connections to banks – to provide a complete Open Banking stack for merchants to seamlessly accept payments.”
Ifeoluwa Osakuade, CEO of ShoppingOS, added: “This partnership will enable ShoppingOS to achieve its mission to deliver a seamless and affordable buying experience for the digital economy by enabling merchants to access a cost effective and frictionless payment experience through our simple no-code integration.”
He confirmed that, having started with WooCommerce, over the coming months ShoppingOS will be releasing plugins for every major e-commerce platform.
“Token is on a mission to drive the shift from traditional payment methods, like cards, to Open Banking-enabled account to account payments. To become a true competitor to cards, instant bank payments must be widely accessible and simple to implement,” added Token CEO Todd Clyde.
“That’s why we’re excited to see ShoppingOS’ elegant WooCommerce plugin make it easy for e-commerce merchants to accept faster, fairer, frictionless bank payments without writing a line of code.”
Earlier this year, Token confirmed its support as headline partner of Open Banking Expo’s flagship event in the UK this year.
It will also be the headline sponsor for Open Banking Expo’s Europe 2022 and UK 2023 events.
