Munich-based digital bank technology provider Fidor and Token Inc. have signed a memorandum of understanding to develop services enabling banks to control the way they share data with third parties.

Redwood City, Calif.-based Token will make its crypto-payment software available within Fidor OS, Fidor’s digital banking solution, with the goal of serving banks affected by PSD2, the European banking directive coming into force over the next few years that will require banks to securely share their data with third parties, the companies announced this week.

Token and Fidor aim to develop pathways for banks to generate new sources of revenue by executing digital transactions and fulfilling data requests from third parties, according to a Dec. 19 press release.

“Token’s software enables banks to call the shots in digital payments by launching their own transaction network,” said Steve Kirsch, Token’s founder and CEO in the release. “Banks will be able to tap into a comprehensive and fully operational API infrastructure complete with the transformative attributes offered by programmable money.”

Fidor CEO Matthias Kröner sees a good fit between Fidor and Token, based on the similarities of their open, API-based operating systems. “Fidor OS is a true enabler of next-generation banking, so it makes perfect sense for us to team up with Token,” Kröner said.

France’s Groupe BPCE purchased Fidor Bank in July. Fidor’s headquarters remain in Germany, with offices in Dubai and New York.

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