Multitude Bank p.l.c., a core subsidiary of the Nordic-born listed FinTech, Multitude Group, offers digital lending and online banking services to consumers and SMEs across Europe. The Bank has now partnered with Salt Edge, a leading open banking platform, „with a goal to enable instant loan repayments” – according to the press release.
With a commitment to enhancing its customers’ experience, Multitude Bank is leveraging Salt Edge’s open banking technology to optimise repayment processes. „Through the use of the open banking method, Pay-by-Link, customers will receive timely notifications about impending instalments, ensuring a more convenient repayment process.” – the company said.
Salt Edge’s Payment Initiation solution will allow Multitude Bank’s clients, who previously relied on traditional online banking, to make instant loan repayments, reduce transaction costs, and connect with 2,300+ banks across Europe.
The Bank has already successfully implemented Salt Edge’s solution for consumer lending products. „Building on this success, the parties have agreed to strengthen their partnership by integrating a white-label Payment Initiation solution, enabling the Bank to offer payment initiation services to other EMI-licensed Payment Service Providers. This expansion will enable the provision of Payment Initiation services, including local settlement and virtual accounts for processing payments in SEK, CZK, EUR, DKK, and GBP.” – the company explained.
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Multitude Bank is licensed as a credit institution by the Malta Financial Services Authority. Holding an EU banking license, since 2012, Multitude Bank has successfully passported to the majority of European countries. It is specialised in providing modern, digital-only, and cross-border banking services for consumers and businesses through its various brands. Multitude Bank employs around 190 people in Malta, and its total assets amounted to EUR 909 million in 2023.
Salt Edge is a financial API platform with PSD2 and open banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company is integrated with 5,000+ financial institutions in 50+ countries.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
