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A new collaboration between SaaS banking engine Mambu and open banking solution provider Salt Edge will help FIs become more PSD2 compliant and, in the process, accelerate fintech innovation in the banking sector.
Salt Edge CEO Dmitrii Barbasura highlighted the company’s significant background in helping FIs become PSD2 compliant faster and with less cost, having launched more than 60 PSD2 API sandboxes this spring. “(Our) vision is to transform the way financial institutions interact with each other under the aegis of the PSD2 and other open banking initiatives,” he said. “One of our main specializations is building open banking APIs for interoperability between banks, payment service providers, and end customers.”
The collaboration stems from a partnership between the two companies launched last month that will give account servicing payment service providers (ASPSPs) working with Mambu the ability to gain PSD2 compliance without having to develop their own in-house, public APIs.
“Mambu continuously works to bring best of service partners to our ecosystem marketplace to help in composing innovative financial services architectures,” Mambu Chief Product and Technology Officer Ben Goldin said. “We chose Salt Edge, as they are a leader in open banking and are a good match in their service approach and company culture. Salt Edge’s capabilities go beyond a single region or standard, which complements a good global presence.”
Salt Edge demonstrated its Open Banking Platform at FinovateEurope earlier this year. The company is connected to more than 3,400 financial institutions in 66 countries, including more than 200 banks in Europe, and has offices in Toronto, London, and Chisinau. In addition to supporting account data and payment initiation, Salt Edge provides added value with data enrichment services such as financial categorization and payee verification during the transaction flow.
Salt Edge earned its Account Information Service Provider (AISP) license from the U.K.’s Financial Conduct Authority (FCA) this spring. The company also announced a new partnership earlier this year, teaming up with U.K.-based money management app Emma.
Berlin, Germany-based Mambu made its Finovate debut at FinovateAsia 2013. The company is also an alum of our developers conference, presentingSmart Consumer Lending: Platform and Scoring Architecture at FinDEVr New York 2016.
More recently, Mambu announced core banking technology partnerships challenger banks in the U.K. and South Africa. The company began the year with a significant fundraising, picking up a $34 million investment via a round led by Bessemer Venture Partners. Co-founder Eugene Danilkis is Mambu’s CEO.
Open banking enabler Salt Edgeannounced it has received the green light from the U.K.’s Financial Conduct Authority (FCA). Salt Edge’s registration as an Account Information Service Provider (AISP) will allow the company to access financial data in compliance with PSD2 across Europe.
“Receiving an AISP license will help us take better advantage of the Open Banking opportunities on the European landscape as we strive for excellence in everything we do. This process required some serious investment and preparation, but it was worth implementing,” commented Dmitrii Barbasura, Salt Edge CEO.
Salt Edge’s Open Banking API was updated at the beginning of this month to version five. Lenders using the recently updated API will be able to leverage Salt Edge’s AISP license to access consumers’ financial account data (with their consent) to enhance the underwriting process for credit decisioning.
Dmitry Tsap, Head of Infrastructure and Security Department at Salt Edge, said the company underwent “a very strict evaluation process” that assessed the company’s security and data protection measures. “Being approved by the FCA is proof of quality and recognition of our efforts in this direction,” Tsap added.
Salt Edge recently showcased its Open Banking platform at FinovateEurope 2019 in February. Early last month, the Canada-based company teamed up with money management app Emma for account aggregation. Salt Edge was founded in 2013 and connects to 3,100+ banks in 61 countries.
London-based money management app Emma is the latest company to partner with global data aggregator Salt Edge. The integration will enable Emma users to securely connect their accounts – whether for debit, credit, e-wallet, savings, mortgage, cryptocurrency, or insurance – from banks throughout the U.K.
“We started Emma on a mission to help millions of people improve and fix their finances, once (and) for all,” company CEO Edoardo Moreni said. Emma earned its AISP (account information services provider) approval from the FCA a little over a year ago, and its new relationship with Salt Edge is part of the company’s strategy to “expand to new countries, with them, as partners.”
Praising Emma for its rapid growth and development, Salt Edge CEO Dmitrii Barbasura said his company’s familiarity with the money management space was a significant advantage for the integration.
“Having great experience with PFMs, and being very familiar with the nuances, we believe our solution to be a great fit for Emma,” Barbasura said. “We truly believe that working together towards improving the way people manage their financials will bring fruitful results in our collaboration.”
Headquartered in Toronto, Ontario, Canada, Salt Edge demonstrated its Open Banking Platform at FinovateEurope 2019 earlier this year. With more than 3,100 connected banks representing 250,000+ daily active end users, Salt Edge’s technology brings thousands of bank APIs into a single gateway. The company adds value during the payment flow by providing data enrichment, financial categorization, financial health check and payee verification, and other services.
The first global data aggregator to join the Temenos Marketplace, Salt Edge announced a partnership with smart money app Yolt last fall. The company was founded in 2013.