HSBC has announced a strategic investment in Token.io, a leading provider of account-to-account (A2A) open banking payment solutions. Though the financial terms of the deal remain undisclosed, the move marks a deepening of the existing relationship between the two firms. HSBC has been leveraging Token.io’s infrastructure for open banking payments since 2019.
Manish Kohli, head of global payments solutions at HSBC, emphasized the significance of the investment, saying: “Our investment in Token.io reflects the trust and confidence we have in their team and technology, and our firm belief in the role that innovative Open Banking solutions play in transforming the payments experience for both corporates and consumers.”
HSBC plans to expand its use of Token.io’s platform to enable a broader range of Pay by Bank services, including peer-to-peer payments, account deposits, and loan repayments.
Token.io CEO Todd Clyde welcomed the news, saying: “We are excited to deepen our partnership with HSBC as we embark on this collaboration. This investment will not only accelerate Token.io’s growth and innovation, it will also advance our shared vision of making Pay by Bank a mainstream payment method — delivering benefits for HSBC’s customers across the region.”