Mastercard has selected open banking platform companyToken.io to offer the connectivity layer for its open banking hub.

Through the hub, third parties such as merchants and retailers can gain access to the data held by financial institutions in Europe and also initiate payments.

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Token’s operating system TokenOSTM will power the connectivity between APIs of third parties and financial institutions.

Token founder and CEO Steve Kirsch said: “Fragmentation and a lack of consistency in third party access are creating complexity in open banking, so we welcome the chance to work with Mastercard and leverage Token’s open API platform to address these issues at scale and together accelerate the global adoption of open banking.”

The hub will comprise a pan-European directory to verify the legitimacy of third parties looking to access a customer’s account.

It will also have a dedicated dispute resolution mechanism along with a connectivity hub.

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Mastercard senior vice president and leader of the development of open banking Jim Wadsworth said: “Our API-led solutions will make it easier for financial institutions and third parties to act on the opportunities and create innovative banking and payments experiences for people’s everyday lives.

“Token’s work in this space will help us to deliver the vision we’ve set.”