The move comes after Moldova announced the effective deadline for complying with the Law transposing PSD2 into its legislation in February 2025, with Paynet seeking a partner with expertise in conforming to the new requirements. Salt Edge, which has extensive knowledge in guiding financial institutions globally through Open Banking compliance and its ability to provide reliable implementation, can serve Paynet’s needs and support the company in achieving its objectives.
The partnership with Paynet comes just a month after Square teamed up with Salt Edge to augment payment operations for small and medium-sized businesses (SMEs) in the UK. The collaboration focused on offering businesses simplified access to secure financial data sharing and operations.
Paynet operates in the Moldovan financial landscape, providing a simplified financial management tool for both businesses and individuals. The company, which is committed to optimising everyday payments and making them more efficient, introduced the Paynet wallet, followed by the Paynet Mastercard.
With Salt Edge’s Open Banking Compliance solution, Paynet is set to be able to align with Moldova’s regulatory framework while also automating several key processes, including customer consent management, report generation, and fully managed support for Third Party Providers (TPPs). Commenting on the news, representatives from Paynet underlined that collaborating with Salt Edge to implement an Open Banking solution is set to allow their company’s customers to benefit from optimised experiences while also solidifying its position in Moldova’s fintech industry.
Furthermore, the partnership allows Paynet to augment resource allocation and minimise operational costs. At the same time, Salt Edge’s security measures are set to assist in reducing fraud risks and improving overall security, enabling Paynet to centre its efforts on keeping pace with market trends and fostering growth in the region.
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