Token turns digital money solution into new paytech M10
Token, the open banking platform which builds bank direct payment methods for merchants, has formed a new paytech M10 out of its digital money solution Token X.
The Silicon Valley-based venture’s soul focus will be on building out a “bank-grade digital money rail” which facilitates international money transfers, settlements and remittances for multinational banks “quickly” and at a “low cost”.
Founder and current chief innovation officer at Token Steve Kirsch will become the first CEO of M10, along with chief marketing officer at Token Marten Nelson becoming M10’s first chief of operations.
The research and development (R&D) team dedicated to Token’s digital money offering will accompany Kirsch and Nelson in the move across to M10.
CEO at Token Todd Clyde says the digital money standard the fintech has been been incubating is “unique and, as it emerges from the developer labs, now needs dedicated R&D to fulfil its potential”.
“Now is the right time to form M10; the spin off will enable both entities to continue to develop their core propositions in parallel and without distraction,” Clyde adds.
Already in proof-of-concept trials, Kirsch says the new venture will see intra-bank transfers, cross-border remittances, foreign exchange (FX), Internet of Things (IoT) payments and business-to-business (B2B) payments all be performed “in real-time, with no counterparty risk and at a lower cost than existing rails”.
M10’s rail will be centralised, shared and its hierarchical ledger will comply with banking regulations “worldwide”, integrating with bank’s existing infrastructures.
Token specifies that it does not use blockchain or cryptocurrency, and confirms the spin out has the full endorsement of its board of directors.
The fintech says it will “soon be announcing” its first customers.