INITIATION_PENDING_REDEMPTION is a transaction status which can be assigned to 2-step payments in Token.io's V2 Payments API.
2-step banks require an additional step to redeem the token for a payment.
In order for a payment to move past INITIATION_PENDING_REDEMPTION status, auto-redemption will need to be enabled.
Auto-redemption is enabled on a member basis. Therefore, please note that enabling auto-redemption on v2 Payments will enable it on v1 Payments also.
As such, it is recommended to reach out to Token.io directly, to schedule a call with our Implementations team, if you are trying to migrate to v2 Payments.