CoinGate has officially partnered up with Token.io, allowing users to buy cryptocurrencies through direct bank links.

CoinGate has officially partnered up with Token.io

What benefits will it bring to CoinGate users?

Token.io solution opens the door to open banking for CoinGate customers. This means that buying crypto has never been easier! 

From now on, our traders with European IBAN will be able to:

Pay through a direct bank link. No need to copy payment details manually – might be a real time saver in urgent cases.

Get lower fees for transactions.

Get a better customer experience. With a given API, Token.io platform gives quick and easy access to more than 3,000 EU banks, raises security levels, reduces fraud, and disintermediation.

– Soon enough, with a new update, you’ll also be able to get nearly real-time payments 24/7. This solution will leverage an instant SEPA scheme – your payment will reach us within seconds instead of hours.

You probably know that one of the main Blockchain technology ideas is to be more open and transparent. It seeks to open up informational systems to make data easily accessible and to promote co-creation. Therefore, driven by the needs of the tech-savvy community, traditional banks started to look for seamless and more sophisticated services in terms of payments. Open banking solution tends to fill the gap between blockchain space and fiat transactions. 

What does open banking do?

Briefly, open banking allows to shift from card payments to bank payments, building direct bank link payment methods and data aggregation solutions from consumers’ bank to merchant or payment processor. Token.io has developed an application programming interface (API) that gives access to more than 3,000 EU banks. The platform raises security levels, reduces fraud, and disintermediation.

Open banking drives innovation into the banking industry. It chooses networks instead of centralization and helps customers of the financial services to safely share their financial data across financial institutions. 

Through the use of APIs, open banking provides open access to consumers’ banking, transaction and other financial data from bank to third party financial institution with cutting a middleman. 

Watch out for more!

We seek quick, easy and smooth financial services and hopefully, step by step we will continue to deliver a better customer experience. 

Note that this is a small part of all the updates that we’re going to introduce. Subscribe to our blog by entering your email down below, or follow us on Twitter to hear about them first!

Here are more articles from CoinGate that might be relevant to you: