HSBC has strategically invested in account-to-account open banking payments vendor Token.io, although the investment amount remains undisclosed.
Since 2019, HSBC has utilized Token.io’s infrastructure for open banking payments. Manish Kohli, Head of Global Payments Solutions at HSBC, stated, “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.” The bank plans to expand its use of Token.io’s infrastructure for various services, including peer-to-peer payments, account deposits, and loan repayments.
Todd Clyde, CEO of Token.io, expressed enthusiasm about deepening the partnership with HSBC, noting, “This investment will not only accelerate Token.io’s growth and innovation, but 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.”