While it may seem like integrating new APIs is a tug of war between banks and third party providers (TPPs), the end result is important for end users. With every connected API, Salt Edge creates more opportunities for TPPs that want to offer their customers useful services with a great taste of open banking.
„For now, there is a big number to celebrate for Salt Edge – 600+ PSD2 connections to bank interfaces in the Eurozone, recently being added Lloyds Bank Commercial, Bank of Scotland Commercial, Barclays Business and Corporate in the UK, Commerzbank, Comdirect and ING in Germany, Caixa Geral de Depósitos, Santander in Portugal, with National Bank of Greece, American Express and many others.”, according to a company’s blog.
The process of integrating PSD2 bank interfaces takes so much time, because the Directive says WHAT banks should do but does not specify HOW they should do it. So, financial institutions have different approaches to implementing the PSD2 requirements, APIs differ in documentation and features, communication between banks and TPPs is not always smooth, etc. None of these matters stops the integration process, as Salt Edge is steadily moving forward towards its mission of integrating all the open banking APIs in Europe and beyond. The next targets are Standard Chartered, de Volksbank, Garanti Bank, Fio, ČSOB, Knab, UBS and the Nordics – just like in the lyrics of the great classic hit “Ain’t no stoppin us now! We’re on the move!”. The list of Salt Edge’s integrated open banking APIs that constantly keeps growing can be checked here.
About Salt Edge
Salt Edge – 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 employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 3700+ financial institutions in 70+ countries.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”