Victoriabank taps Salt Edge for open banking compliance in Moldova

By Gloria Methri

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.

There has been a noticeable surge in interest among Moldovan banks in aligning with PSD2 standards. Financial institutions nationwide are actively taking steps to ensure compliance with Law 209/2022, set for release in February 2025. The growing trend underscores Moldovan banks’ commitment to modernising services and staying at the forefront of financial innovation in line with European regulations. This reflects their commitment to sustaining security, transparency, and empowering customers in today’s economic space.

One such institution is Victoriabank, one of Moldova’s largest banks. In 2018, it became part of the Romanian Financial Group, Banca Transilvania. Today, Victoriabank offers its over 300,000 customers, both individuals and companies, full access to its 100% online services, including card issuance/re-issuance, KYC updates, credit applications, and quick transfers via T2A.

Elena-Ionela Maloș, Vice President, Chief Operating Officer said, “Through its partnership with Salt Edge, Victoriabank is implementing open banking to give our customers enhanced control over their finances within a secure and efficient platform. This collaboration not only elevates the user experience and transforms our operations but also reaffirms Victoriabank’s leadership in financial innovation in the Republic of Moldova.”

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.

“We’ve witnessed PSD2’s transformative impact on the European financial ecosystem and are confident that Moldova will reap similar benefits, driving innovation and enhancing financial services. As global experts in open banking standards, we’re eager to work with Victoriabank to pioneer open banking in Moldova and contribute to its financial evolution. Such partnerships are crucial in advancing the financial sector, ensuring regulatory compliance, and fostering a more dynamic and customer-centric banking environment,” said Dan Martalog, Senior Open Banking Solutions Expert.