Computop Enables A2A Payments for UK and EU eCommerce Merchants

Payments platform Token has partnered with payment service provider Computop Paygate to satisfy the rising need for open banking payments in Europe, according to the firms.

“Using Token’s Open Banking connectivity and platform, Computop enables account-to-account (A2A) payments for eCommerce merchants, white-label partners, and resellers using its Paygate platform,” the companies said in an Oct. 20 news release.

In 2021, Paygate will move $36 billion in payments, provide more than 350 different payment methods, and allow integrated payment procedures for eCommerce retailers.

According to Token, their data demonstrates that open banking is being adopted in Europe as a result of customer demand.

And a number of open banking platforms have gained popularity in recent years to assist banks in complying with the demands outlined in the Revised Payment Services Directive of the European Commission.

As open banking develops, many platforms are concentrating on their areas of expertise while important actors are claiming their spots in the expanding ecosystem.

It is difficult to compare open banking systems since there is no established metric for coverage and because various vendors often have regional specialisations.

For instance, Nordigen dominates the field in terms of the overall number of bank API connections, but it doesn’t always imply it is the best option for a company looking to start receiving payments through open banking, 

We also covered the growth of open banking outside of Europe last month. One of such areas is the Middle East and North Africa, where open banking, which allows third parties to access customer financial data with their authorization via application programming interfaces (APIs), is still in its infancy.

However, the business presents intriguing potential for developing markets around the region, which seem to be following in the footsteps of their European counterparts, according to Nino Ocampo, chief product officer of Bahrain-based open banking platform Tarabut Gateway.

 He said, “[Open banking adoption] is going to be regulatory driven [and] similar to what’s happened in the U.K. and Europe.”