01.11.2019 11:11 amfinancial IT
About Salt Edge
Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 3700+ (from which 500+ PSD2 APIs) financial institutions in 70+ countries.
The market challenge in the open banking era
PSD2 imposes strict requirements upon companies that want to integrate with bank channels in order to offer services based on customers’ account data. They have to obtain PSD2 licences for accessing accounts, build and maintain a highly secure infrastructure, get eIDAS certificates for identification, and to address other challenges. In addition, connecting to banks across the EU is like a labyrinth. Banks have adopted different implementations of PSD2 channels, which adds friction and complications when integrating them. Overall, companies need to invest endless resources like capital, human, technology, knowledge, and time if they want to build innovative services based on open banking channels.
Partner Program - the solution that enables companies to benefit from open banking
Salt Edge Partner Program is a unique and simple solution that enables companies to get instant access to open banking channels in a compliant way even in the absence of their own AISP licence, with minimal resources. The Program is designed for lenders, credit bureaus, finapps, that are looking to create services based on customers’ account data but that prefer to entrust to a third party the enormous efforts that come with regulatory requirements and bank integrations. Via Salt Edge Partner Program, companies can start using PSD2 channels of real-time data from across all Europe, in just 15 minutes.
The data is presented in a clean and easy-to-understand format. A set of data enrichment services like transaction categorization, merchant identification, and financial insights can be used to offer a complete financial behavioral analysis of Partner’s customers
Salt Edge Partner Program’s components
Partner Dashboard - The easy-to-use and intuitive Partner Dashboard allows the Partner company to monitor all end-users’ activity, granted consents, bank connections and their availability. It has role-based access control, and a built-in support channel for secure and fast communication between the Partner and Salt Edge.
User Dashboard - A dashboard in which the end-users can connect their bank accounts, view the list of connected bank accounts, view the granted consents and revoke them at any time. Using this dashboard is optional for end-users. The creation and maintenance of this dashboard ensures compliance with the strict PSD2 requirements.
Connect Widget - Salt Edge Connect is a widget through which end-users provide consent, select and connect their payment accounts while in the Partner's app/interface. The widget can be easily customized under the Partner’s branding so that end-users feel comfortable from the first click.
Financial Insights - The Financial Insights provides a full picture of customers’ financial situation and behaviour in one clear report. The report is generated using complex machine learning algorithms that process real-time transactional data from all the customers’ bank accounts. This tool helps companies like banks, lenders, credit bureaus to verify the customers' income, identity and make a better risk assessment overall.
Benefits for partnering companies
Minimal resources - Salt Edge handles all the technical, security, bureaucratic, and compliance matters which enables the partnering company to step into open banking era
Instant access - The Partner company experiences the full power of open banking in just 15 minutes
International reach - The Partner company can take its business to an international level by accessing the customers’ accounts from thousands of banks across Europe
No licence needed - With Salt Edge Partner Program, there is no need to have its own PSD2 license or eIDAS certificates
No infrastructure change - No need to modify anything on the Partner’s side, as Salt Edge Partner Program offers a ready-to-go solution
PSU consents handling - Customer consents collection (GDPR and PSD2 requirements) is handled by Salt Edge
Value-added tools - Additional data enrichment services for complex financial behaviour analysis: transaction categorization, merchant identification, financial insights
Customizable solution - The solution’s interfaces can be customized under the Partner’s branding