Square taps Salt Edge to enhance open banking solutions in the UK
By Gloria Methri
US-based payment facilitator Square has partnered with open banking provider Salt Edge to streamline and simplify payment operations for sellers in the UK.
For over 15 years, Square has been combining hardware and software tools for all-sized businesses to streamline their services. Square has launched point-of-sale solutions like Square Online, Square Appointments, and Square for Restaurants, along with various innovative tools.
From cash flow, inventory, and team management to loyalty and marketing programs—all take some of the complexity out of running a business, giving their customers time to focus on what they do best.
Together with Salt Edge, Square enables its customers to meet the growing demand for transparent and secure financial data sharing, all while being compliant with the latest Open Banking regulations.
The partnership is particularly valuable for users of the recently launched Square Card in the UK. The card empowers underserved SMEs in the region to stay on top of their finances and manage them all in one place.
By integrating Salt Edge’s full-stack Open Banking Compliance solution, customers can choose to share their data with banks and other regulated third-party providers through secure APIs. As a result, UK businesses can gain access to a variety of tailored financial services and personalised insights into their spending patterns, allowing for more control and informed decision-making.
“We are really excited to see the integration with Salt Edge go live. Square Card is a new product for us in the UK and an important solution for small businesses to manage cash flow, which we know is often the biggest blocker for starting and growing a business. Salt Edge offers APIs that enable businesses to share their data with other banks and financial institutions of their choosing, helping us to further streamline and simplify operations for our sellers, which allows them to run, thrive, and grow,” said Samina Hussain-Letch, Executive Director at Square UK.
Andrei Scutari, Open Banking Head of Sales and Country Manager at Salt Edge said, “Salt Edge’s Open Banking Compliance solution seamlessly integrates with Square’s ecosystem, enabling businesses to securely share their financial data with banks and regulated third-party providers of their choice. This feature helps Square customers maintain better control over their finances, ensuring smoother cash flow management and allowing them to respond more quickly to market demands.”
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