Banktivity, a US-based PFM app, has teamed up with Salt Edge, a provider offering open banking solutions, to enable its customers in the UK and EU to connect their bank accounts and have all their financial data pulled into the app instantly and fully digitally.
The modern PFM market is witnessing considerable growth, accelerated by the digital revolution in financial services, and is expected to reach $1,213million by 2023. The rising adoption of advanced financial tools transforms the way end customers manage their money. Banktivity knows very well that a great PFM app is usually convertible to digitalisation, and that eliminating the need to insert the financial data manually is crucial. Using Salt Edge’s data aggregation solution, Banktivity enables its end customers to connect and access all bank account data in one place, helping them to make better decisions.
Salt Edge Account Information solution allows Banktivity customers in the UK and EU to access 2,500+ open banking and PSD2 channels instantly. Thus helping to fix the pain point of tedious manual financial data entry, which is error-prone, time-consuming, and frustrating for customers. Now, there is no need to download, then import files from the bank manually, the process is fully digital. This helps Banktivity customers to immediately understand their financial situation and get control over their money, cutting off the hassle of daily financial management tasks.
Erica Virlan, Open Banking Expert at Salt Edge, said: “Open banking brings vast improvements to financial management, helping people to access all their financial data to help with budgeting and saving. Instead of the consumer having to keep track of their financials in different bank accounts, Salt Edge’s open banking solutions help to aggregate all the bank data into one PFM app to offer a single unified view. PFM apps with open banking solutions – is a match made in heaven, and we are truly excited to team up with Banktivity to explore all the benefits from this cohesiveness.