TreasurUp and Salt Edge Join Forces to Offer Open Banking Solutions for Financial Institutions
In a strategic collaboration, TreasurUp and Salt Edge have formed a partnership aimed at delivering account aggregation and open banking compliance services to financial institutions across the United Kingdom and the European Union (EU), as reported by PYMNTS News. TreasurUp’s Cash Visibility solution brings a comprehensive overview of cash levels across multiple banks, while Salt Edge contributes its open banking connectivity expertise with a network spanning over 5,000 financial institutions. This venture aims to empower banks to adapt to evolving trends and consumer preferences while staying competitive.
This collaboration enables banks to extend a new level of convenience to their clients, allowing seamless integration of accounts from various institutions. The integrated feature provides both graphical and numerical insights into present and historical account balances, all powered by open banking mechanisms.
The partnership harnesses Salt Edge’s expansive network, providing banks with instant access to account data and the ability to facilitate secure payment methods. This empowers businesses to make well-informed decisions and modernize their processes.
An exceptional advantage of this partnership is the support it offers to banks in achieving compliance with PSD2 regulations within the context of stringent open banking frameworks. By leveraging Salt Edge’s Mobile SCA solution, financial institutions can ensure compliance with minimal resource allocation, thereby enhancing end-user security.
Iulian Mitrea, the business development manager at Salt Edge, emphasized the value of TreasurUp’s expertise in commercial banking, highlighting its role in tailoring solutions to meet the precise needs of banks and their clients. Philip Costa Hibberd, the product manager at TreasurUp, expressed excitement about the collaboration’s potential to bring the advantages of open banking and cash visibility to banks’ corporate clients.
This partnership signifies a significant advancement for companies, offering real-time access to bank account data through open banking. This development holds great importance for chief financial officers and treasurers, as it enhances their ability to manage finances effectively. In an interview with PYMNTS back in November 2020, Salt Edge Vice President Vasile Valcov highlighted the transformational potential of open banking. He stressed that real-time awareness of a company’s financial situation is a substantial challenge, one that open banking can address as it becomes mainstream, not only within the EU but also in other global regions.