As per the press release information, the collaboration seeks to enable a first-rate experience in account aggregation and Open Banking compliance for UK- and EU-based financial institutions.
In this rapidly evolving environment, financial institutions are actively looking to embrace new trends and maintain their competitiveness amid fast advancements and changing consumer preferences. This is where tech companies of the likes of TreasurUp and Salt Edge come into play, with TreasurUp’s Cash Visibility solution offering a comprehensive view of currently available cash levels held at multiple banks. The partner enables banks to help their clients manage their financials in an easier manner, through Salt Edge’s Open Banking connectivity with more than 5,000 financial institutions. Businesses are now able to add bank accounts from other banks and receive graphical and numerical insights into current and historical account balances – powered by Open Banking.
The collaboration helps banks achieve PSD2 compliance within strict Open Banking regulations, with minimal resources and strengthens end-user security through Salt Edge’s Mobile SCA solution. Furthermore, having connectivity to numerous financial institutions in 50 countries, banks are enabled to facilitate their customers' instant access to account data and to add a secure payment method to help businesses make informed decisions and digitalise their processes.
Commenting on the partnership, Philip Costa Hibberd, Product Manager at TreasurUp expressed excitement toward partnering with Salt Edge and bringing the power of Open Banking and cash visibility to banks’ company clients. Whereas Salt Edge focuses on helping banks develop the technology needed to be Open Banking players, TreasurUp seeks to assist banks with translating the Open Banking tech foundation into solutions that help companies make better decisions about their finances and improve their bottom line in a simple and self-service manner.
Further adding on this, Iulian Mitrea, Business Development Manager at Salt Edge said that they are looking forward to collaborating with TreasurUp and helping banks take advantage of the benefits associated with Open Banking. The spokesperson believes TreasurUp’s expertise in commercial banking to be ‘invaluable’ in helping them provide a solution that is truly tailored to the needs of banks and their clients alike.
A Dutch fintech company, TreasurUp aims to help banks reshape their online commercial banking offering with solutions designed to assist companies with risk management (including FX and trade credit insurance) and with improving cross-border payments, cash visibility, and cash flow forecasting.
A financial API platform with PSD2 and Open Banking solutions for all businesses, Salt Edge has two main activity vectors, namely enabling third parties’ access to bank channels through a unified gateway, and developing the tech required for banks to be compliant with the directive’s requirements. Being ISO 27001 certified and Open Banking licenced, the company employs high international security measures to ensure stable and reliable connections between financial institutions and their customers.
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