Token Announces Strategic Partnership with VirtusaPolaris

Token, Inc., a new crypto-payment network and API ecosystem that enables European banks to monetize their investment in PSD2, today announced a strategic partnership with VirtusaPolaris, a global provider of IT consulting and outsourcing services.

Under the terms of the partnership, VirtusaPolaris will both resell Token’s programmable money network to banks and financial service providers and provide Token with systems integration support.

VirtusaPolaris will also work on developing its own suite of services that leverage Token’s underlying smart tokenization technology.

“The Token network enables banks to transact with programmable money, which makes it incredibly versatile,” comments Steve Kirsch, founder and CEO, Token. “VirtusaPolaris has understood this potential and moved quickly to partner with us. It’s great news for us; not only do we now have a partner that can help us show banks how they can monetize PSD2, we also have a co-developer with a wealth of experience and engineering skills for new services and propositions. Token already has trials underway with a number of major banks, so things are starting to move quickly for us now.”

“The opportunities for banks offered by programmable money are remarkable and Token’s network and API ecosystem is the most comprehensive proposition we’ve seen,” comments Stephen Holmes, Head of Technology, FinTech Labs at VirtusaPolaris. “Using the Token network to establish banks’ compliance with PSD2 is a smart starting point, but that’s really just the beginning. Token enables any kind of value-based transaction, from a low value domestic purchase to a vast international bank-to-bank money transfer, to be conducted securely, instantly and without reliance on third parties. We’re hugely excited by this partnership, which builds upon our recent launch of our OpenBanking API Accelerator.”