BNP Paribas is partnering with Token to launch a new instant payment initiative for its merchant customers across Europe.

The ‘Instanea’ online payments service is bolstered by Token’s Open Banking tech.

It uses SEPA Instant and PSD2 APIs, two initiatives from the European Payments Council.

The service is currently available to retail customers in France for a pilot phase in 2021. The bank plans to rollout the service to further locations across Europe.

It said that the new service can be easily integrated with popular shopping carts and payment gateways for instant payments.

“SEPA Instant has provided a foundation for additional fast and secure payment solutions for our e-commerce clients,” comments Carlo Bovero, global head of cards and innovative payments at BNP Paribas. “The advent of Open Banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity. BNP Paribas Instanea empowers merchants to leverage Open Banking APIs to manage cash-flow in real time and deliver better checkout experiences.”

Todd Clyde, chief executive of Token, said:“Token is helping first-movers like BNP Paribas leverage open banking and establish strategic advantage. BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants. Not only do open payments dramatically reduce the risk of e-commerce chargeback, they also enhance the customer experience and boost conversion. We look forward to helping BNP Paribas Instanea drive the take up of instant payments as it is rolled out across Europe.”

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