Salt Edge, a leader in offering open banking solutions, was invited by the consulting firm PwC to be part of the development of Digital Ecosystem Banking, which has the scope to empower banks towards next generation agility, seamless customer experience and integration with external ecosystems.
Using the principles of Opening Banking, PwC built a demonstration digital bank and successfully integrated a number of Fintechs using SaaS API.
Salt Edge is working closely with PwC to help businesses implement cutting-edge open banking technology. Salt Edge’s data aggregation technology automatically structures and categorises bank data fetched via open banking channels – for tracking, budgeting, payment and planning purposes. Also, Salt Edge’s personal finance management (PFM) app where users can manage their finances holistically by connecting bank and e-Wallet accounts, is part of PwC’s Digital Ecosystem Banking.
Another use case on which Salt Edge and PwC work is contributing to the mortgage application flow, where the end-user can connect their bank accounts, including mortgage ones, for faster decision-making, as well as optimising the mortgage repayment process by using open banking payment initiation.
“We are now seeing a significant move past regulatory compliance towards helping our Clients to leverage growth opportunities on the open banking platform. We consider Salt Edge as a key and innovative partner to help our Clients realise the potential of open banking,” said Mike Kennelly, Director, Financial Services Technology Consulting.
“It is easy to become the winner in the open banking marathon, if you join the right team. Collaborating with PwC contributes to Salt Edge’s goal of creating a pan-European open banking platform to equip banks and other financial institutions with solutions that truly help their business,” said Lisa Gutu, Head of Business Development at Salt Edge.