Backbase and Salt Edge partner to accelerate open banking compliance

By Gloria Methri

Backbase has partnered with Salt Edge to accelerate the adoption of open banking and help banks meet compliance requirements seamlessly. This collaboration enables Backbase customers to integrate robust open banking compliance solutions from Salt Edge. Available end-to-end through the Backbase Marketplace, it ensures seamless connectivity to the bank’s tech stack.

The hidden cost of being compliant

Banks working toward open banking compliance struggle to build secure authentication flows between third-party providers (TPPs) and their web and mobile apps, resulting in millions of IT dollars spent in building and maintaining these solutions.

With Backbase offering the banking and integration platform and Salt Edge providing a state-of-the-art open banking compliance solution, banks can now provide a turnkey solution to TPPs without additional build and maintenance costs.

This solution includes:

• End-to-end open banking compliance solution
• Seamless access to Salt Edge’s products offering for Backbase customers
• A great customer experience for TTPs with dashboard, self-service registration and developer portals

Roland Booijen, General Manager Ecosystems at Backbase, said, “This partnership marks a significant step in our mission to empower banks to re-architect banking around the customer. By collaborating with Salt Edge, we enable banks to not only comply with open banking regulations but also to potentially monetise their APIs and offer seamless digital experiences to their customers.”

Turning API modernisation into profit

Beyond compliance, this strategic collaboration allows banks to transform API infrastructure into a key driver of revenue growth. By leveraging Salt Edge’s expertise in API aggregation and compliance, banks can securely connect with TPPs, offer value-added services, and explore new business models that capitalise on the open banking revolution.

“Regulatory compliance should not be a bottleneck for banks but rather a catalyst for growth and innovation. By partnering with Backbase, we are equipping financial institutions with the tools they need to thrive in the evolving open banking landscape effortlessly,” said Iulian Mitrea, Head of Partner Ecosystem at Salt Edge.

As the financial industry moves towards an open finance era, this partnership is a testament to Backbase and Salt Edge’s commitment to driving innovation and empowering financial institutions to stay ahead of the curve.