Token Launches Open Banking Mobile App on FidorOS platform

Published on 10. November 2017

Fidor partners with Token in Programmable Money & Digital Payments

19.12.2016 - Token, Inc., a crypto-payment software provider that enables Banks to establish dominance in the digital transactions market, and Fidor AG, the software and services provider of banking solutions for the financial, telecom and retail industries, today signed a Memorandum of Understanding (MOU). This MOU will see Token’s software made available within Fidor OS, Fidor AG’s digital banking and open community middleware solution, enabling Banks to offer secure digital payment services to third parties.

When PSD2, the revised European directive on Payment Services, comes into force, Banks will be required to grant third party providers access to their customers’ data. In this context, Banks must now establish how they will accomplish this task while ensuring their data remains highly secure throughout the process.

Together, Token and Fidor AG will bring a uniquely valuable turnkey solution to Banks and licensees of the Fidor OS platform. While using Token and Fidor OS, Banks not only benefit from Fidor’s open banking middleware platform, saving them the cost, effort and time required to design a new open banking interface, it can also use Token to generate new sources of revenue from Payment Initiation Service Providers (PISPs) via the execution of digital transactions and fulfilment of account data requests. This puts Banks in total control of the digital transaction chain, mitigating disintermediation from today’s payment-enabling third parties, like payment schemes and token service providers.

Steve Kirsch, founder and CEO, Token, comments: “Token’s software enables Banks to call the shots in digital payments by launching their own transaction network. This capability, when combined with Fidor’s digital banking and open community middleware, creates a seriously compelling proposition for Banks looking to get ahead in the digital age.” Steve Kirsch added “Banks will be able to tap into a comprehensive and fully operational API banking infrastructure complete with the transformative attributes offered by programmable money. In the short-term our platform can be used as a springboard to generate revenues from PSD2 and XS2A. In the longer term, it can be applied to enhance the security, speed, cost and efficiency of a massive range of transaction-based banking functions which currently rely on traditional legacy processes, from bill pay, to e-commerce checkouts, international money transfers, B2B payments, intra-bank transfers and more. Ultimately, we enable Banks to launch programmable money services and new methods of transacting, the use-cases for which are yet to be defined.

Fidor OS is a true enabler of next-generation banking, so it makes perfect sense for us to team up with Token,” said Matthias Kröner, CEO, FidorAG. “Like Token, our OS is modern, modular, open, API-based and free of legacy code. This enables Banks to use our suite of technologies to tailor their digital infrastructure to the precise needs of their customers. Adding Token to the mix simply extends the power and control we give to Banks in the digital age. Token’s technology has the potential to revolutionise how transactions, of all kinds, are performed. We want to give our customers this competitive edge as quickly as we can.

Token combines smart tokenisation and public-key cryptography to provide the industry's simplest and most secure transaction-based open banking API. In practice, Banks use Token’s software to issue and redeem payment authorisations 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. They can also execute API callouts to external web services, enabling value added services to be integrated in just the same manner. Sensitive card or account data never leaves the bank’s systems, masked or otherwise, vastly reducing the bank’s security vulnerabilities.

By putting a bank in sole charge of their own digital payment network, Token eliminates the bank’s need to rely on partners to execute digital transactions and launch new services, making them immune to competitive encroachment and disintermediation. The respective bank’s brand remains front and centre at all times.


About Token
Token is a new kind of transaction network. It utilises patent-pending smart tokenisation technology to empower Banks and financial service providers in the digital age. By superseding the traditional ‘shared secrets’ model of payment authentication, Token offers a compelling alternative to today’s traditional and digital payment systems by providing Banks with a flexible digital transaction management environment rich in opportunity, to establish PSD2 compliance, generate new revenues and valuable customer profiling data, heighten digital payment security and eliminate fintech disintermediation.

Token is located in San Francisco and London and is quickly expanding, in line with customer demand.

Token’s impressive team combines years of highly successful execution and innovation in both the technology and banking sectors. Token’s CEO, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits. Token’s CTO, Yobie Benjamin, was formerly the Global CTO at Citigroup where he was responsible for the processing of quadrillions of dollars a year in payments.

Token has been recognised in the 2016 GTS Global Innovator Competition as the ‘Most disruptive company across all categories, globally’, and is the winner of PlugAndPlay’s 2016 Fintech EXPO, which was contested by more than 1000 applicants from around the world.

For further information, please consult: or follow us on Twitter: @token_io


About Fidor AG
Founded in 2013, Fidor (AG) provides existing financial, retail and telecoms institutions and startup Banks the chance to bring digital technology to the heart of their businesses. Fidor is at the forefront of digital innovation and financial technology, providing tailored, purpose-built products and services that enable its clients to offer a customer-focused digital experience. Using Fidor’s technology, you can deliver a complete digital banking and community experience on mobile and web devices. Once implemented, Fidor offers you continuous support and counsel, with 24 hour advice. Fidor AG is headquartered in Munich, with offices in Dubai and New York.

Fidor (AG) is a subsidiary of Fidor Bank (AG), headquartered in Munich, Germany. Fidor Bank was awarded as the Celent Model Bank Of The Year in 2015 and received the award for The World Economic Forum’s Global Growth Company in 2014.