4 Major BankTech Partnerships announced in September 2024

By Gloria Methri

BankTech is the utilisation of technology to deliver financial services to customers. Its significance has grown in the banking industry, prompting substantial investments from banks. FinTech’s emergence has compelled banks to adjust to evolving customer preferences, with banking technology leading the charge.

From online banking to mobile payments and cryptocurrency, BankTech spans a broad spectrum of offerings. Across the European region, the convergence of banking and technology, commonly referred to as BankTech, is witnessing remarkable growth. These partnerships serve as catalysts for development, fostering a conducive environment for innovation and growth.

Listed below is a compilation of 4 BankTech partnerships that occurred in Europe this month:

• Anadolubank and Worldline

Worldline has signed a contract with Anadolubank Nederland for its cloud-based instant payments solution. By adopting Worldline’s solution, Anadolubank can send and receive instant payments as mandated by the new EU regulatory requirements for instant payments.

The five-year BankTech agreement signifies a potential path forward for other mid-size banks, aiming to stay compliant while accelerating their digital transformation. In addition to instant payment processing, the bank also contracted Worldline’s value-added services for customer sanction screening and stand-in funds checks.

• Metro Bank and Infosys

Metro Bank, the UK’s community bank, has entered a long-term collaboration with Infosys to enhance some of its IT and support functions and to digitalise its business operations.

The collaboration supports the bank’s ongoing efficiency and cost-saving efforts. Collaborating with Infosys will allow Metro Bank to enhance its digital capabilities, improve automation, refine data, and embed further AI capabilities.

• Multitude Bank and Salt Edge

Multitude Bank, which offers digital lending and online banking services to consumers and SMEs across Europe, has partnered with Salt Edge to enable instant loan repayments.

To enhance customer experience, Multitude Bank is leveraging Salt Edge’s open banking technology to optimise repayment processes. Using the open banking method Pay-by-Link, customers will receive timely notifications about impending installments, ensuring a more convenient repayment process.

• Victoriabank and Salt Edge

Victoriabank has partnered with Salt Edge, an expert in open banking solutions, to ensure compliance with the national law transposing the European PSD2 into Moldovan legislation.

Financial institutions nationwide are actively taking steps to ensure compliance with Law 209/2022, set for release in February 2025.  Through Salt Edge’s full-stack Open Banking Compliance solution, Victoriabank’s clients will gain a comprehensive overview of their finances, accessible through any regulated app of their choice.