Salt Edge - Account Aggregation
5.000+ worldwide banks via 1 API
About Salt Edge - Account Aggregation
Salt Edge’s Open Banking Gateway solution comprises 3 products: Account Information - globally, Payment Initiation within EU, and Data Enrichment, in line with all directive’s local specifications, including PSD2 in Europe, OBIE in the UK, CDR in Australia, soon Brazil, Saudi Arabia, and other global standards.
Open Banking creates an opportunity for financial institutions (FIs) to improve existing services and create new innovative solutions for retail, business, and corporate clients. However, Open Banking comes with a range of challenges that should be taken into account:
There are different standards used across geographies, sometimes even within one country Large banking groups have created their own custom API standards that are not always aligned with widely used industry standards.
Each banking API has its own specifics, API versioning, scheduled maintenances, downtimes. Each financial institution has its own services, meaning that there is a need to connect specific features, payment schemes that can be accessed per a given bank
In case the financial institution wants to use the solution for multiple divisions and projects, there is a need for separate TPP/app identifications that should be taken into account FIs have to extend their current banking license with Open Banking related licenses to be able to connect APIs Each FI provides the information in a different format, hence to be able to use the data, there is a need to normalize the provided information and enhance it with enrichment services (e.g. categorisation, merchant identification)
FIs willing to connect open banking should overcome all the above-mentioned challenges, create multiple new internal processes to handle all the risks and issues.
How it works: Salt Edge has integrated with thousands of banks in EMEA, APAC, and Americas giving you access to end-customers account data via a single API.
The API is compatible with all the cross-bank and pan-European API standards like Open Banking, The Berlin Group, STET, Australian CDR, Brasil standard, bank consortiums, and other types of global data standards.
Clients can leverage all these bank connections instantly for:
- Account Information (APAC and Americas)
- Account Information and payment initiation (EU).
Salt Edge - Account Aggregation features
International reach: 5.000+ banks in over 50 countries
Support of Business, Retail, Corporate accounts
Compatible API with all the cross-bank and pan-European API standards like Open Banking, The Berlin Group, STET, bank consortiums
Payment templates unification
End-to-end IDs for payments
Dynamic Registration and onboarding for banks across EU with Client’s eIDAS Certificates
Retail and Business Categorisation