Token.io, a leading Pay by Bank infrastructure provider, has launched Account on File — a feature that brings the familiarity of "Card on File" to open banking payments, removing up to two steps from the checkout process and turning Pay by Bank into a near one-tap experience for returning customers.
Much like stored card details, Account on File securely remembers a consumer's preferred bank and account(s) and pre-populates them for future transactions. The result: fewer clicks, faster checkouts, fewer drop-offs, and more completed payments — across the UK and Europe.
What It Delivers
Pre-populated bank and account selection for returning payers
Up to 2 fewer steps in the Pay by Bank checkout flow
Faster settlement and lower processing costs for merchants
Tokenisation-based security — no sensitive data stored by merchants
Available now via Token.io's latest API for rapid PSP and merchant rollout
Security is built in from the ground up. Tokenisation replaces sensitive account details with a non-sensitive token, meaning merchants never directly handle users' banking data — giving consumers bank-grade security without sacrificing convenience.
Sam French, Director of Product at Token.io, said: "For high-frequency transaction scenarios, such as e-commerce purchases or account top-ups, every extra step costs you customers. With Account on File, Pay by Bank can become a one-tap experience for returning payers."
With Token.io's own research showing 90% of PSPs already offer or plan to offer Pay by Bank, Account on File gives providers a meaningful way to differentiate — and gives merchants a compelling reason to push A2A payments to the front of the checkout.