Shanghai Commercial Bank joins forces with Salt Edge

Shanghai Commercial Bank (ShaComBank) provides a broad variety of banking products and services to individuals and organisations in the UK, China, Hong Kong, and Taiwan through its global business network.

ShaComBank users may safely connect their accounts to external applications with Salt Edge's Compliance Solution, allowing them to keep up to date with their financial situation via their chosen channels, whether on the road or at home, going beyond traditional banking.

Salt Edge assisted ShaComBank in achieving Open Banking compliance and regulatory standards, applying PSD2 capabilities to online banking, boosting the bank's personalised service to consumers, and supporting company development.

Salt Edge provides APIs, a comprehensive TPP developer site, a TPP verification system, a client dashboard, and frequent API updates to keep up with any regulatory changes as part of the PSD2 Compliance Solution. Via the TPP verification system, only regulated organisations may use ShaComBank's Open Banking channels, keeping the personal accounts of its clients constantly safe.

Salt Edge’s recent partnerships

Salt Edge has an extensive list of partners. Mooncascade, a software startup, is the most recent. Their collaboration seeks to achieve complete PSD2 compliance for its clients while also advancing user experience, security, and Open Banking. To be particular, Salt Edge and Mooncascade will develop and supply a series of solutions for financial institutions and fintech businesses in order to allow them to better respond to the demands of their clients.

This is only the newest. ebankIT, a fintech startup that delivers digital experiences for banks and credit unions, previously teamed with Salt Edge in December 2022. ebankIT hopes that by collaborating with Salt Edge, banks and credit unions will be able to unleash Open Data and expand internationally by accessing accounts from over 5,000 institutions and satisfying Open Banking compliance standards in Canada, Europe, and any global standard.

Another noteworthy collaboration is that of Curve and Salt Edge. The PSD2 solution from Salt Edge makes the customer journey more fluid by removing friction between stakeholders. A collection of APIs, a TPP access verification system, a powerful customer authentication app, a permission management system and other features are included in the solution.

The shift to Open Banking

Open Banking is a far broader concept than PSD2; it is a systematic paradigm shift in how financial services are supplied across the whole value chain. The impact is felt in three dimensions and will result in major changes to financial ecosystems, platforms, and portals.

The PSD2 was implemented to improve competition in the financial services market, but Open Banking goes much beyond that. It begins with constant development in customer centricity and progresses to more financial integration with value-added services and other enhancements such as the elimination of overdraft fees.

Depending on the location, fintech businesses now consider Open Banking to be a must-have, with some even incorporating it as a fundamental capability into their major business products that are customer-facing, while others use it in the backend. Furthermore, banks are now creating and upgrading their API quality and dependability, often going above and beyond by giving more data points and account kinds.