Following this announcement, the partnership is expected to accelerate the adoption of Open Banking and optimise the manner in which banks and financial institutions meet compliance requirements. The companies will also unlock new revenue opportunities for customers and businesses.
In addition, the collaboration is expected to enable Backbase clients to integrate robust and secure Open Banking compliance services from Salt Edge. This suite of solutions will be available end-to-end through the Backbase Marketplace, aiming to ensure efficient connectivity to the bank’s tech stack.
As banks are currently working toward Open Banking compliance, they also face certain difficulties in the process of buildings secure authentication flows between TPPs and their web or mobile apps, which results in multiple IT USD being spent in building and maintaining these products.
With this in mind, Backbase aims to incorporate its banking and integration platform with Salt Edge’s expertise and suite of services in order to develop an optimised Open Banking compliance solution. The tool is set to provide banks with an improved solution to TTPs, without the need for additional build or maintenance costs.
According to the official press release, this solution will include end-to-end Open Banking compliance services, secure access to Salt Edge’s product offerings for Backbase clients, as well as an improved customer experience for TTPs through the use of a secure dashboard, self-service registration, and developer portals. At the same time, the collaboration will allow banks to further develop API infrastructure into a key driver of revenue growth.
By utilising Salt Edge’s expertise in API aggregation and compliance, financial institutions will be given the possibility to securely connect with TTPs, deliver value-added services, and explore new business models that aim to capitalise on the Open Banking development process. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
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