Finastra partners with Salt Edge to provide personalized banking

By Joy Dumasia

Finastra announced its collaboration with Salt Edge to improve the speed of compliance with the Payments Service Directive 2 (PSD2) and other global Open Banking standards for banks and Electronic Money Institutions (EMIs) worldwide.

Integrating the Salt Edge Software-as-a-Service (SaaS) solution, Open Banking Compliance, with Finastra’s core banking solutions, Fusion Essence and Fusion Equation, enables institutions to build the necessary architecture to support end-to-end banking requirements and compliance through one Application Programming Interface (API).

Finastra’s State of the Nation research found that, globally, 94% of professionals at financial institutions agree that Open Banking is important to their organization, with 63% reporting that it has enabled them to improve customer experience and 59% stating that it has helped attract new types of customers.

Open Banking Compliance provides full coverage of regulated markets with cross-bank and pan-European API standards, such as Open Banking UK and The Berlin Group in the EU and newly regulated markets such as Australia, Brazil, and the GCC.

Dmitrii Barbasura, Co-Founder & CEO at Salt Edge, said: “Finastra’s commitment to unlocking the power of finance for everyone supports our goal to simplify all components of Open Banking and PSD2 compliance for both financial providers and end customers. The partnership extends our network coverage from our existing customers to Finastra’s wide customer base, while the pre-integration of our combined best-in-class solutions allows end customers to benefit from more inclusive financial services thanks to Open Banking.”

Anand Subbaraman, General Manager, Banking at Finastra, said, “Salt Edge has a proven track record of success with more than 100 API implementations for financial institutions globally. Bringing Open Banking Compliance into our suite of core banking solutions makes compliance quick and seamless for both Finastra and Salt Edge customers while giving them the tools to create better and more personalized products and services.”

Recently, IBS Intelligence reported that Finastra announced that they are the first technology provider to secure the SWIFT Compatible Application label 2021 for Trade Finance.