In a digital payments market in which every company promises faster, safer, and more convenient payment options, one feature has become increasingly popular: account to account payments, better known as A2A.
With A2A payments, users are empowered to omit lengthy, inconvenient middlemen and transfer funds from one account at a financial institution to another or directly to a merchant. A2A payments are generally seen as both faster and more convenient than traditional payment methods. In fact, the rise of A2A services within the last several months has led some industry experts to point to the payment method as something that will quickly become essential for all payment servicers.
Financial news reports have become crowded with stories of A2A servicers bringing in remarkable results. Most recently, open banking platform Token.io raised $40 million that it intends to devote to expanding its A2A offerings.
In a press release about the company’s new venture, Token.io’s Chief Executive Officer Todd Clyde was confident in the importance of A2A: “In the next four years, the global value of open banking payments is expected to exceed $116 billion, with Europe accounting for 75% of all transactions.”