Sberbank Embraces Open Banking with Token in Slovenia
Token.io Limited announces that its technology has been implemented by Sberbank in Slovenia as of 17 July 2018. Token is an open banking platform provider that allows a global ecosystem of banks, bank customers and developers to move money and information securely, instantly and without friction.
Token's Application Programming Interface (API) for banking infrastructure ensures that Sberbank Slovenia complies with PSD2.
Using the Token iOS and Android mobile applications, customers of Sberbank from Slovenia will be able to reap the benefits of open banking, with services such as one-click e-commerce and account aggregation on the roadmap.
Aleš Zajc, Deputy CEO of Sberbank from Slovenia, responsible for Retail banking, states: "Our choice to work with Token reflects our commitment to shaping a new era of banking and payments. Our cooperation with Token enables a platform-based banking model that will allow us to substantially improve our customers' experience. With Token's frictionless authentication programmed into each transaction, we will be able to increase payment speed and convenience without ever compromising on security."
Sberbank is the seventh largest institution on the Slovenian banking market and boasts a strong international network of partners and clients. Sberbank is the first financial provider/bank in Slovenia to look beyond PSD2 compliance and move towards an entirely open banking system. This first-mover positioning builds upon two successful product launches with a strong focus on Retail clients: the 'Ekspres loan' product and 'Change the bank proces'. Working with Token goes hand in hand with Sberbank Retail strategy as it looks to the API economy as a pathway to the future of banking.
Steve Kirsch, Founder and CEO of Token, comments: "Token offers the industry's simplest and most secure transaction-based open banking API, which will provide Sberbank Slovenia quicker data aggregation and direct payments driven by Smart Token technology. Crucially, our cloud-based platform will give Sberbank both flexibility and scalability when creating and handling transactions."
Banks use Token's software to issue and redeem payment and account information authorizations as Smart Tokens, which can be programmed with any number of terms and conditions in accordance with the instructions of the account holder. This enables each Smart Token to be uniquely specified to the transaction it represents. Sensitive account information never leaves the bank's systems, substantially reducing security vulnerabilities. When PSD2, the revised European Payment Services Directive, comes into force in September 2019, European banks will be required to grant third party providers access to their customers' data. Token not only delivers this, it also enables banks to offer an improved customer experience when doing online transactions.
Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token's open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. Further, the platform raises security and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks. Token's team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token's CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.
Token is a recognised industry leader named in the Financial Times Future of Fintech Awards shortlist 2017 as one of the top ten companies to watch globally. CB Insights named Token in their global annual 'The Fintech 250' ranking and in 2016 Token was the winner of PlugAndPlay's 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.
Token Press Contact
Erin Lovett / Beckie Richardson
Tel: 0113 350 1922
Sberbank Press Contact
Tel: -386 (0)41 66 99 23
About Sberbank Slovenia
Sberbank Slovenia (Sberbank banka d.d.) ranks 7th in terms of total assets on the Slovenian banking market (11 banks). (30th September 2017). Sberbank manages a branch network of 12 branches in main Slovenian cities.
About Sberbank Europe Group
Sberbank Europe Group, headquartered in Vienna, Austria, is a banking group that is 100% owned by Sberbank of Russia. Sberbank Europe Group is present in nine markets in Central and Eastern Europe (CEE): Austria, Bosnia and Herzegovina, Croatia, Czech Republic, Germany, Hungary, Slovenia and Serbia. Sberbank Europe Group has around 665,000 customers, operates 190 branches, and employs 4,050 employees across Europe. The total assets of Sberbank Europe amount to EUR 12.6 bn (as of December 2017).