Finastra partners with Salt Edge, an open-banking API provider
At a Glance
Finastra, a provider of financial service portfolio software, has announced a partnership with Salt Edge, a developer of open-banking APIs. This partnership will make it easier for banks and electronic money institutions (EMIs) throughout the world to comply with PSD2.
Finastra, a provider of financial service portfolio software, has announced its partnership with Salt Edge, a provider of open-banking APIs. This partnership will enhance the speed with which banks and electronic money institutions (EMIs) throughout the globe comply with the Payments Service Directive 2 (PSD2) and other global Open Banking requirements.
Finastra’s open development platform, FusionFabric.cloud, is used to complete the integration. The integration of Salt Edge’s Open Banking Compliance Software-as-a-Service (SaaS) solution with Finastra’s core banking solutions, Fusion Essence, and Fusion Equation, allows institutions to create the architecture needed to support end-to-end banking requirements and compliance through a single Application Programming Interface (API).
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.Anand Subbaraman, general manager, Banking at Finastra
According to Finastra’s State of the Nation study, 94 percent of financial institution professionals agree that Open Banking is important to their business, with 63 percent claiming that it has helped them improve customer experience and 59 percent claiming that it has helped them attract new types of customers. Complying with PSD2 and regional Open Banking requirements, on the other hand, can be a time-consuming, costly, and difficult process.
Open Banking Compliance covers regulated markets with cross-bank and pan-European API standards, such as Open Banking UK and The Berlin Group in the EU and newly regulated markets like Australia, Brazil, and the Gulf Cooperation Council (GCC). Third-Party Providers (TPPs) can use the APIs to get fast and secure account information, payment initiation, and a full-stack developer portal. In addition, the integration adds security by including a TPP verification system and a mobile-first application that complies with SCA and dynamic linking standards.
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.Dmitrii Barbasura, co-founder & CEO at Salt Edge