Tandem turns to Token for turnkey Open Banking

By Oliver Smith on 27th March 2019

Challenger Banks

Ricky Knox is gearing up for Open Banking’s big next step.

Tandem turns to Token for turnkey Open Banking
Image source: Ricky Knox/Tandem

Tandem Bank this week announced a partnership with Token, the Open Banking provider, to enable the next generation of connected banking on its app.

The partnership will enable AISP and PISP, which is essentially the Open Banking ability to read and write transactions from and to other bank accounts.

Tandem appears to be on a roll, only last week having launched an auto-saving account which uses algorithms to decide savings levels and pays 0.5% interest.

“With Token’s platform we can comply with the PSD2 regulation quickly and efficiently,” said Tandem CEO Ricky Knox.

“This means we can focus our efforts on differentiating ourselves with an improved user experience—leveraging both AISP and PISP use cases to provide smarter, more personalised banking products that solve real people’s problems with money.”

Knox said that Tandem’s portfolio of credit cards, fixed-rate savings accounts and its money management app are now used by more than 500,000 customers in the UK.

“Token offers the industry's simplest and most secure transaction-based open banking API, which, being cloud-based, gives Tandem both flexibility and scalability when initiating and managing transactions,” said Token’s founder and CEO Steve Kirsch.

“Our turnkey, cost-effective PSD2 compliance and open banking solutions will enable Tandem to accelerate growth through new and better products.”

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