Finastra today announced its collaboration with Salt Edge to improve the speed of compliance with the Payments Service Directive 2 (PSD2) and other global Open Banking standards, for banks and Electronic Money Institutions (EMIs) worldwide.
„The integration of the Salt Edge Software-as-a-Service (SaaS) solution, Open Banking Compliance, with Finastra’s core banking solutions, Fusion Essence and Fusion Equation, enables institutions to build the necessary architecture to support end-to-end banking requirements and compliance through one Application Programming Interface (API). The integration is carried out via Finastra’s open development platform, FusionFabric.cloud,” according to the press release.
In an increasingly competitive global marketplace, banks and EMIs are under pressure to optimize their core processes, increase profitability, reduce the time to market for new products, and continue to innovate and personalize their offerings. The opening up of data has provided a good foundation for achieving this.
In fact, Finastra’s State of the Nation research found that, globally, 94% of professionals at financial institutions agree that Open Banking is important to their organization, with 63% reporting that it has enabled them to improve customer experience and 59% stating that it has helped attract new types of customers. However, complying with PSD2 and regional Open Banking standards can be a time-consuming, expensive and complicated task.
Dmitrii Barbasura, Co-Founder & CEO at Salt Edge said, “The partnership extends our network coverage from our existing customers to Finastra’s wide customer base, while the pre-integration of our combined best-in-class solutions allows end customers to benefit from more inclusive financial services thanks to Open Banking.”
Open Banking Compliance provides full coverage of regulated markets with cross-bank and pan-European API standards, such as Open Banking UK and The Berlin Group in the EU, as well as newly regulated markets such as Australia, Brazil and the GCC. The comprehensive set of APIs gives Third-Party Providers (TPPs) access to instant and secure account information, payment initiation and a full-stack developer portal. Additionally, the integration provides added security, with a TPP verification system and mobile-first application to comply with strong customer authentication (SCA) and dynamic linking requirements.
Anand Subbaraman, General Manager, Banking at Finastra said, “Salt Edge has a proven track record of success with more than 100 API implementations for financial institutions globally. Bringing Open Banking Compliance into our suite of core banking solutions makes compliance quick and seamless for both Finastra and Salt Edge customers, while giving them the tools to create better and more personalized products and services. For the end user, the benefit is a much quicker, more secure and relevant banking experience that truly accommodates their needs. We are excited to partner with Salt Edge and welcome them into our ecosystem.”
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Salt Edge is a financial API platform with PSD2 and open banking solutions. 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 5000+ financial institutions in 50+ countries.
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers its technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Together with its partners, Finastra is leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.
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:
