Token.io launches “Account on File” feature to boost Pay by Bank checkout conversion

Press release: The Account on File innovation makes Pay by Bank payments as effortless as Card on File, while maintaining the security, speed and cost benefits associated with Account-to-Account (A2A) payments.

Token.io, the leading Pay by Bank infrastructure provider, today announces the launch of ‘Account on File’, a new feature that significantly enhances the convenience of Pay by Bank. The feature enables Payment Service Providers (PSPs) and merchants across the UK and Europe to enhance Pay by Bank experiences while increasing checkout conversion rates. 

Much like ‘Card on File’, Account on File securely remembers a consumer’s chosen bank and account(s) and presents these by default for future transactions. This removes up to two steps from a typical Pay by Bank experience, translating into fewer clicks, faster checkouts, fewer drop-offs, and more completed payments.

“For high-frequency transaction scenarios, such as e-commerce purchases or account top-ups, every extra step costs you customers,” said Sam French, Director of Product at Token.io. “With our new Account on File feature, Pay by Bank can become a one-tap experience for returning payers, driving higher conversion rates for merchants, while giving consumers a secure, familiar way to pay straight from their bank accounts.”

Armed with the Account on File capability, merchants unlock faster settlement, lower processing costs and improved cash flow benefits associated with A2A payments, while also enhancing the user payment experience..

For consumers, Account on File makes Pay by Bank faster and more convenient. Consumers see their previously selected bank and account(s) pre-populated, so they can pay in fewer steps, for an experience that feels as effortless as using a stored card, but with the added confidence of bank-grade security and control. 

The new Account on File feature has tokenisation at its core, providing security and trust. Tokenisation replaces sensitive account details with a non-sensitive token used to reference the user’s bank account(s) without exposing underlying data. As a result, merchants do not need to store users’ sensitive data directly, so consumers never sacrifice peace of mind for convenience.

As Pay by Bank becomes table stakes for PSPs (research from Token.io indicates 90% of PSPs offer or plan to offer Pay by Bank near term), Token.io’s Account on File enables PSPs to differentiate. The Account on File feature is available via Token.io’s latest API, enabling PSPs and merchants to roll out the feature at speed and scale with minimal effort.

For more information on the feature and wider Pay by Bank offering, visit token.io.