Following this announcement, Salt Bank will leverage the Engine platform to disrupt the overall banking in the region of Romania by providing an improved and secure digital user experience to clients who prefer mobile banking. The financial institution is expected to launch its application in 2024, which will be available for individuals and businesses alike.
In addition, Engine by Starling’s cloud-based banking platform will allow Salt Bank to offer a wide range of digital banking solutions to the Romanian market, and multiple other capabilities. Included in this list of offerings are the possibility to process payments and card transactions, as well as grow a portfolio of unsecured lending products, and the opportunity to onboard customers digitally, while managing their accounts and providing savings tools at the same time.
Engine’s SaaS capabilities will enable Salt Bank to manage multiple operations through its proprietary operational portal, such as the functionality to support customer solutions, financial crime monitoring and prevention, card operations, payment operations, loan services, and collections.
In August 2023, Starling Bank announced its plan to release its Engine Banking-as-a-Service (BaaS) platform in the Asia Pacific market, as the financial institution partnered with a bank in order to use its software and suite of services. This was set to launch small and medium-sized accounts, rather than to offer clients and users personal banking products and solutions. According to the press release published at the time, Starling Bank declined to provide more information on the bank or the country where the collaboration needed to take place, focusing on respecting the confidentiality terms and conditions of the arrangement.
Engine was developed as an all-in-one system that allowed financial institutions and banks to design and launch their digital banking solutions, such as mortgages, savings, loans, or checking accounts, in a secure and efficient manner. Starling Bank was set to use its Engine core banking platform as a launchpad for its international expansion and overall development. At the same time, the bank planned to licence its technology and tools to lenders, in order to offer them the possibility to design and release their own digital-only banking brands.
Earlier in July 2023, Starling Bank announced its partnership with the intelligence compliance technology company Napier, aiming to optimise the manner in which the firm fought and prevented financial crime. Napier was chosen as the anti-money laundering (AML) and counter-terrorism financing (CTF) technology platform of choice for the financial institution.
Napier was set to provide Starling Bank with multiple capabilities, including deployment flexibility, no code configuration, simplified integration to Napier’s platform via APIs, and diagnostic strength, as well as expedited deployment, testing, and tuning.
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