Finastra has announced its collaboration with Salt Edge to improve the speed of compliance with PSD2 and other global open banking standards, for banks and Electronic Money Institutions (EMIs) worldwide. The integration of the Salt Edge 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 API.
In an increasingly competitive global marketplace, banks and EMIs are under pressure to optimise their core processes and profitability, reduce the time to market for new products, and continue to innovate and personalise their offering. 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 organisation, with 63% reporting that it’s enabled them to improve customer experience and 59% stating that it’s helped attract new types of customers. However, complying with PSD2 and regional open banking standards can be a time-consuming, expensive and complicated task.
Salt Edge has a proven track record of success with more than 100+ API implementations for financial institutions globally. Bringing Open Banking Compliance into its 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 personalised products and services. For the end user, the benefit is a much quicker, secure and relevant banking experience that truly accommodates their needs.
Anand Subbaraman, General Manager, Banking at Finastra said, “Salt Edge 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) instant and secure access to account information, payment initiation and a full-stack developer portal. Additionally, the solution provides added security, with a TPP verification system and mobile-first application to comply with strong customer authentication (SCA) and dynamic linking requirements. The integration is carried out via Finastra’s open development platform, FusionFabric.cloud.”
Dmitrii Barbasura, co-founder and CEO at Salt Edge said, “Finastra’s commitment to unlocking the power of finance for everyone supports our goal to simplify all components of open banking and PSD2 compliance for both financial providers and end customers. 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.”