Salt Edge

Open Banking Compliance Solution for banks

An off-the-shelf SaaS solution with all the regulatory requirements covered, enabling Open Banking, PSD2 or CDR compliance for banks in 1 month.

Salt Edge built 100+ Open Banking APIs, helping banks in the EU, the UK become fully compliant with PSD2 and open banking regulations. Now with open banking being in place in new markets: Salt Edge builds APIs for Data Holders in Australia under CDR , develops the standards for Open Banking API for banks in Brazil and Saudi Arabia, and other regions where the open banking regulatory framework is adopted.

Salt Edge takes care of all the required components, ensuring minimal tech integration and support from the bank side. Salt Edge handles all system’s monitoring, maintenance, and updates, offering highest API availability and first-line support.

Due to the pre-integration with Mambu’s core, any Mambu client can become compliant with PSD2/Open Banking/CDR regulation in 1 month.

The solution supports full compliance with requirements of interested regions including PSD2 in the EU, Open Banking in the UK, CDR in Australia, and planning to scale it up to cover Braziland Saudi Arabia open banking standards.

Open Banking Compliance offers all the required components, while some of them might differ from a region to other according to the local open banking requirements:

1. Bank dedicated components:

-  The bank dashboard with an overview of the API performance, third parties management and ticketing system, sandbox/live environments management, reporting, and more.

- Consent management API an SDK to be integrated in the bank mobile interface for users to manage their consents (Consumer Dashboard for CDR)

- Help with fall back channel exemption (for PSD2 and the UK Open Banking)

- Help with conformance test suite (for CDR)

- Multi factor authentication mobile application

2. The core - the processing part of the solution

3. TPP Validation API or Register Dedicated API - to ensure that banks have full control over who is accessing their APIs. It verifies whether TPPs/ADRs have the regulatory accreditation and certificates in order to access the bank APIs, and other functions required by the regulations.

4. Third parties dedicated components :

- Developer portal with detailed documentation on the APIs (required by the regulations. For example Account Information, Payment Initiation as per Open Banking/PSD2 or Product & Banking APIs as per CDR). Salt Edge also offers first-line support to third parties for a seamless integration process.

- Dynamic registration and dedicated ADR API (Banking APIs, InfoSec APIs,Registration APIs, Common APIs - relevant to CDR )

- API Statistics and availability

Open Banking Gateway

A unified API that grants access to 5000+ of banks in 50 countries for account information and payment initiation

Open Banking Gateway empowers banks, lenders, accounting companies, PFMs, BFMs to easily access bank account information from any country and to implement a lower cost & open banking-enabled payment method.

The solution comes with a set of data enrichment tools including transaction categorisation, merchant identification, and financial insights which help in conducting analysis of end-users’ financial behavioral and make better business decisions.

Use cases

Retail banking: all banks in one place

Increased customer loyalty by enabling them to connect all their accounts held at other financial institutions to your banking app.

Lending: real-time bank data for right lending decisions

Take faster and more informed credit decisions by designing a more reliable credit assessment model based on real-time bank data. Sources of income (basic salary, freelance, expat) can be verified instantly, automatically identified directly from the transaction history.

Accounting & ERP: digitalise your daily business routine

Get instant access to clients’ bank accounts in an easy and compliant way to automatise the import of transactions directly to the app.

eCommerce: lower-cost and fraudless payments

Upgrade your checkout page by adding a new instant payment method so that customers can enjoy secure payments due to strong customer authentication.