Salt Edge, a pioneer in open banking, today announced its partnership with Paysafe, a leading specialised payments platform, to implement instant validation of bank account ownership and streamline the onboarding process for the company’s customers in the UK and the EU.

In supporting Paysafe, a market leader with over 20 years of experience in payments, Salt Edge had a clear objective to streamline the company’s customer experience when connecting a bank account with a merchant payment processing or digital wallet account. Given the vital importance of onboarding to the overall customer experience, Salt Edge’s solution will accelerate onboarding for Paysafe and alleviate the pressure of the traditional manual efforts while mitigating fraud risk. Salt Edge’s open banking-powered Account Information API will offer secure access to accounts in banks across the EU and the UK, assuring Paysafe a quick way to connect and instantly verify bank accounts.

Using Salt Edge Account Information solution, Paysafe will enable its EU acquiring and digital wallet customers to confirm their bank accounts. This will allow Paysafe to automatically validate bank account ownership and will eliminate the need for customers to submit documentation showing proof of bank account ownership. The collaboration will enable Paysafe to further improve the robustness of their entry point fraud controls, by ensuring the bank account details submitted are legitimate and they link to the applicant.

We know all too well how time-consuming it can be to set up financial services or products. Here at Salt Edge, we believe that consumers deserve the best experience when they’re accessing financial services and we are delighted to support Paysafe in their journey to offer simple and friction-free UX. Through Salt Edge, Paysafe can implement open banking-enabled onboarding that increases conversion and takes just minutes. Moreover, instant access to data from users’ banks grants protection against account fraud and boosts operational efficiency.

Vasile Valcov, VP at Salt Edge