Mambu and Salt Edge have announced a collaboration that will help more financial institutions become PSD2 compliant. The aim is to enable innovation in the banking industry and bring open banking one step closer to end-customers.
Mambu is a SaaS banking engine, the cloud-native alternative to cumbersome traditional banking systems. The platform combines a core processing engine and process orchestrator powered by a modular, API-enabled architecture to help clients, including account servicing payment service providers (ASPSPs), offer banking products that are customized to consumer demands, regulations, and market needs.
Salt Edge is a ‘one-stop shop’ for financial institutions that are interested in leveraging the power of open banking. The company is the first to specialize in building APIs and other products to meet PSD2 compliance requirements and maintaining the highest level of security.
Mambu partnered with Salt Edge to make the PSD2 compliance solution available to all the ASPSPs among Mambu’s clients wishing to be compliant in a faster and more affordable way than developing public APIs in-house. Salt Edge offers a complete product that meets all the strict PSD2 requirements and offers ASPSPs a PSD2 channel for TPP communication for both account information and payment initiation purposes. The solution comes with a set of dashboards for the ASPSP and TPPs, sandbox, detailed documentation for seamless TPP testing, TPP verification system, and more.
According to Ben Goldin, Mambu’s Chief Product and Technology Officer, in addition to enabling compliance with upcoming PSD2 regulation, open banking plays a very important role as a concept.
“Open banking enables forward-looking innovation for the entire financial services ecosystem. The results and outcomes of such innovation is hard to predict, hence the potential is huge.
“Mambu continuously works to bring best-of-service partners to our ecosystem marketplace to help in composing innovative financial services architectures. We chose Salt Edge, as they are a leader in open banking and are 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,” said Goldin.
“At Salt Edge, our vision is to transform the way financial institutions interact with each other under the aegis of the PSD2 and other open banking initiatives,” commented Dmitrii Barbasura, CEO of Salt Edge. “One of our main specializations is building open banking APIs for interoperability between banks, payment service providers, and end-customers. With more than 60 recently launched PSD2 API sandboxes, Salt Edge has extensive expertise in the PSD2 and RTS requirements imposed upon ASPSPs and we are happy to help Mambu’s clients become fully PSD2 compliant in no time.”