Instanea is designed to deliver account-to-account (A2A) payment capabilities to speed-up and enhance transaction security for merchants across Europe


Italian Headquarters in Milan. (Credit: Plflcn/Wikipedia.)

French retail banking company BNP Paribas has introduced an instant payments initiation solution, Instanea, as part of its existing partnership with open banking payments platform Token.

Instanea is said to be the first online payments service to combine the functionalities of SEPA Instant and PSD2 APIs, the two major initiatives from the European Payments Council.

The solution is designed to deliver account-to-account (A2A) payment capabilities to speed-up and enhance the security of transactions for merchants across Europe.

BNP Paribas cards and innovative payments global head Carlo Bovero said: “SEPA Instant has provided a foundation for additional fast and secure payment solutions for our eCommerce clients.

“The advent of Open Banking APIs presents a unique opportunity to innovate and deliver instant payments at scale. Token’s technology has equipped us with an unrivalled breadth of API connectivity.

“BNP Paribas Instanea empowers merchants to leverage Open Banking APIs to manage cash-flow in real-time and deliver better checkout experiences.”

BNP Paribas said that its Instanea solution can be easily integrated with popular shopping carts and payment gateways for immediate payment settlement and enhance security.

Also, the solution would eliminate risks such as chargeback, as payments are authenticated by the customer in their banking portal.

Token’s open payments platform is said to advance the transformation from traditional payment methods to A2A payments.

The platform provides pan-European connectivity to banks and enables existing payment service providers to benefit from open banking capabilities.

Token CEO Todd Clyde said: “Token is helping first-movers like BNP Paribas leverage open banking and establish strategic advantage.

“BNP Paribas Instanea is a great example of how Token’s technology can be used to develop compelling payment propositions which become enablers for merchants.

“Not only do open payments dramatically reduce the risk of eCommerce chargeback, they also enhance the customer experience and boost conversion.

“We look forward to helping BNP Paribas Instanea drive the take up of instant payments as it is rolled out across Europe.”