Santander UK has partnered with account-to-account (A2A) payments infrastructure provider Token.io. The collaboration aims to utilise Token.io’s open banking connectivity to enhance Santander’s payment offerings and develop new real-time payment solutions.
The announcement was made during the opening keynote at the Open Banking Expo in London by Paul Horlock, Chief Payment Officer at Santander, and Todd Clyde, Chief Executive Officer of Token.io.
Streamlining Credit Card Repayments
Initially, Santander will use Token.io’s infrastructure to offer direct payments from external bank accounts as a credit card repayment option.
This A2A payment method aims to provide a more streamlined experience compared to direct debit or manual bank transfers by eliminating manual data entry and supporting biometric Strong Customer Authentication (SCA) for mobile payments.
Todd Clyde, CEO of Token.io, says: “Token.io’s technology, combined with Santander’s dedication to exceptional service, will undoubtedly set new standards for how financial institutions leverage open banking to create innovative value propositions that meet the evolving needs of consumers and businesses.”
Modernising Real-Time Money Movement
Santander also plans to utilise Token.io’s infrastructure to modernise real-time money movement for its retail banking clients.
This move aligns with industry trends highlighted in Capgemini’s World Payments Report 2025, which suggests that open banking and instant payments could potentially offset 15-25% of future card transaction volume growth.
The report emphasises the importance of financial institutions embracing instant payments and open banking to maintain competitiveness and drive long-term growth in a rapidly evolving financial landscape.