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Salt Edge Serves Up Open Banking Payment Infrastructure for Testing

Just weeks after announcing a collaboration with smart money app, Yolt, Salt Edge is back with news of another new partnership. Today, the company reported its Open Banking payment infrastructure is now available for testing by third party providers.

The complete payment process can be simulated by TPPs who log into the Salt Edge system, which facilitates one-time payments, scheduled and future-dated payments, and bulk payments. The Open Banking hub is equipped with all four of PSD2-required authorization types: redirect/OAuth, embedded, decoupled, and app2app. PISP (Payment Initiation Service Provider) licensed-TPPs that elect to go live with the technology can begin the integration immediately.

Lisa Terziman-Gutu (Business Development EMEA) and CEO Dmitrii Barbasura (not pictured) during their live demo at FinovateEurope 2018.

Salt Edge provides financial data aggregation APIs, open banking and PSD2 solutions, as well as white label retail banking, and data enrichment services. The company demonstrated its Priora PSD2 and Open Banking solution at FinovateEurope earlier this year. The technology enables small and medium-sized banks to become fully PSD2 and Open Banking compliant in months. It provides a number of key features such as its Connector API and SCA Authenticator, and Salt Edge handles cumbersome TPP management – including communication, verification, and onboarding – for the bank.

“Our primary goal at Finovate was to demonstrate a complete user journey in the PSD2 and Open Banking world,” Salt Edge CEO Dmitrii Barbasura said. Calling the technology “secure, customer friendly, and reliable,” he added: “We believe that our solution covers all the needs and concerns that banks have in the wake of PSD2’s deadline, and goes beyond them by delivering the possibility of added-value services.”

Headquartered in Toronto, Ontario, Canada, Salt Edge was founded in 2013. The ISO 27001 certified company is connected to more than 3,100 banks in 60+ countries. Salt Edge has processed more than one million transactions, and has raised $3 million in funding as of this spring.