Caxton FX Selects Token for Bank Direct Payments
Token has announced that it is enabling Caxton FX to provide a bank direct payments facility to its business and consumer prepaid multi-currency card customers. Integration with Token’s platform is designed to enable Caxton’s customers to load their prepaid multi-currency cards with funds directly from their bank accounts via Caxton’s mobile app. In the process, both Caxton and its customers also benefit from reduced costs, instant payments and increased security.
Routing the customer payment via Token instead of using conventional debit card rails decreases the cost of payment acceptance by over 50% and enables instant processing. Previously, customer loaded funds could take up to three days to clear.
Caxton FX and Token are embarking on a phased roll out of Token’s payment service, which begins with consumer cardholder onboarding in Q3 2018. The ability to load cards directly from bank accounts will be made available to the thousands of customers who join Caxton FX each month, as well as Caxton’s business multi-currency cardholders.