Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation.

The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region.

Csaba Soos, CEO of Sberbank Croatia, said: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

Steve Kirsch, founder and CEO, Token added: “Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Token said that being cloud-based gives Sberbank both flexibility and scalability when initiating and managing transactions. Now, Sberbank Croatia can be accessed by any regulated TPP in Europe.

The bank gains crypto-based security and programmable money technology together with operational support, consent management, monitoring and reporting.

The partnership with Sberbank Croatia comes on the heels of Token’s recent announcement that it was teaming up with Omnio Group to help the digital banking platform provider deliver open banking opportunities and PSD2 compliance for its clients.

Founded in 2015 and headquartered in San Francisco, California, Token.oi demonstrated its technology at FinovateEurope 2017. The company has raised $18.5 million in funding, and includes Octopus Ventures, Plug and Play, EQT Ventures, and OP Financial Group among its investors.

Omnio Group is the latest fintech to partner with turnkey open banking platform provider, Token.io. The firm, whose digital banking platform, bank.VISION, powers banking and payments for more than 300 companies around the world, will leverage its new relationship with Token.io to provide open banking and PSD2 compliance to its FI partners.

“Token has enabled us to provide our clients with a PSD2 Open Banking Hub, which delivers secure connectivity between third parties and financial institutions,” Omnio Group Director of Implementation and Delivery, Rob Liddell explained. “Our next step is to work with Token to create innovative banking and payment experiences that meet the evolving needs of our digital customers.”

The first customer to take advantage of Omnio Group’s new partnership with Token.io is Irish postal, retail and financial service provider, An Post. The integration of both bank.Vision and TokenOS will give An Post access to crypto-based security, Token’s programmable money technology, as well as operational support, monitoring, and reporting.

“Our commercial strategy relies on our ability to successfully deliver in the digital world,” An Post Financial Services Director John Rice said. “Leveraging Token’s API puts us ahead of the game, enabling us to build a better proposition for our customers.”

Token.io demonstrated its PSD2-compliant open banking solution at FinovateEurope 2017. The company’s platform provides both banks and third parties with better compliance, quicker data aggregation, and direct bank payments with its single API and smart token technology.

Banks benefit from the ability to deliver more services to their customers and generate new revenue. By integrating TokenOS via simple, secure SDKs, banks can leverage crypto-based security and programmable money to build and develop new open banking apps. Payment service providers and merchants both win with better, more secure connections to banks, as well as faster access and lower costs.

Omnio Group is the latest company to sign on to Token.io’s open banking solution. Earlier this month, Token.io announced a partnership with Khaleeji Commercial Bank of Bahrain. Back in March, the company reported that it was working with U.K.-based challenger bank Tandem to ensure PSD2 compliance and support open banking. Late last year, Token and thinkmoney agreed to work together to expand open banking opportunities for the U.K.-based FI. More than 4,000 banks are currently connected via Token.io’s technology.

In addition to partnering with financial institutions around the world, Token.io also teamed up with open banking third party provider and identity and regulatory specialist Konsentus earlier this year. Together, the two will offer FIs in Europe a “fast and powerful combined solution for PSD2 compliance.” Token.io began 2019 by hiring a new Chief Technology Officer, Gaurav Kohli. Before joining Token, Kohli was VP of Product Development, Architecture, and Platform Engineering at Visa.

Digital U.K. challenger bank Tandem is working with open banking platform provider Token.io to ensure PSD2 compliance and take advantage of the opportunities of open banking. Tandem will integrate a variety of solutions from Token, ranging from PSD2 compliant APIs to direct payment options like Token BankPay, into its core platform in order to better serve its more than 500,000 customers.

Tandem CEO Ricky Knox differentiated his bank’s approach to open banking, saying that Tandem goes “much further” than simple account aggregation and basic PSD2 compliance – especially thanks to the partnership with Token. “This means we can focus our efforts on differentiating ourselves with an improved user experience,” Knox said, “leveraging both AISP and PISP use cases to provide smarter, more personalized banking products that solve real people’s problems with money.”

“Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products,” Token founder and CEO Steve Kirsch said. “Token offers the industry’s simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions.”

Tandem offers consumers a money management app, credit card, and fixed-rate savings accounts. Founded in 2011, the challenger bank launched its Autosavings account earlier this month. The new feature automatically sets aside user-determined amounts using “round ups” from transactions and “save to save” calculations based on the user’s income and anticipated spending. Autosavings also pays 0.5% interest, and users can add to their Autosavings account whenever they choose.

Token demonstrated its PSD2 compliant, open banking platform at FinovateEurope 2017. The company began the year with the hiring of new Chief Technology Officer, Gaurav Kohli. Back in December, Token announced a partnership with MENA-based infrastructure development company Almoayed Technologies to help drive open banking on the Arabian Peninsula. Also that month, the company partnered with thinkmoney to support PSD2 compliance and open banking for the U.K.-based current account provider.