With open banking taking over, banks from all over the world found themselves forced to open-up access to their data to third parties, under the regulations of national authorities. They must allow TPPs to access the account information and initiate payments on behalf of account owners free of charge. The open banking trend began in the EU and the UK and is being adopted globally. The most advanced implementations are seen in Australia, Brasil, Middle East countries and is gradually extended to other regions.

Besides offering free access to bank accounts, financial institutions must ensure Strong Customer Authentication procedures, provide Developer portals and full Third-Parties management circle, including verification of their licenses. Banks are forced to ensure a high level of availability of such APIs and provide regular status updates to the regulator on its alignment with the local open banking requirements.

Therefore, complying with open banking standards turns into a difficult and expensive challenge for the participants involved.

How it works:

Salt Edge has created a technically-advanced compliance solution that helps integrate open banking and offer innovative business opportunities in as little as one month.

Salt Edge PSD2 & Open Banking Compliance is a SaaS solution that covers all essential components, so you can enjoy fast, secure, and seamless experience. The solution consists of several components:

PSD2 & Open Banking Compliance SaaS - a cloud-based solution, connected to the ASPSP through the Connector API, enabling the authorised TPPs to access ASPSP’s AISP, PISP, and PIISP (CBPII) channels. The PSD2 Compliance SaaS fully handles the TPPs verification process (based on the validity of TPPs’ licence, certification, and passporting permission both in the EU and the UK). As a part of the solution, PSU Consent history and statuses are being transparently shared between TPP and ASPSP. ASPSP has access to an end-point that can be presented within one of the ASPSP’s interfaces to allow PSUs to easily manage their consents at any time.

Connector API - is the tool that enables the PSD2 Compliance SaaS to easily communicate with the ASPSP’s core. It is pre-integrated with Finastra systems.

TPP Developer Portal - includes a set of services that allow seamless TPP interaction with ASPSP’s channels built by Salt Edge. The portal is managed entirely by Salt Edge. It includes Sandbox and Production detailed documentation and API testing facility for fast TPP onboarding. Salt Edge handles the first line of support of TPPs, minimising the amount of involvement required from the ASPSP’s side. The developer portal includes detailed statistics on the API availability to ensure full transparency and complete alignment with the regulatory requirements.

Dashboards - PSD2 Compliance Solution offers a set of dashboards for the ASPSP and TPPs. Each dashboard has a set of functionalities that allow the relevant party to manage their accounts, permissions, consents, fraud and incident reporting, etc. Both dashboards include a ticketing system for easier communication between the TPP - Salt Edge and Salt Edge - ASPSP. ASPSP has multiple reports that allow it to monitor all the TPPs' activities and consents granted by PSU to TPPs. ASPSP gets specific reports that should be shared with the National Competent Authority (NCA) on a quarterly basis.

API Management platform with Account Information (AIS), Payment Initiation (PIS) and Balance Check (PIIS/CBPII) APIs

Consent Management API for easier data management of the users

Sandbox Environment for seamless TPP integration

Branded Developer Portal for every client

TPP Verification System (eIDAS/OBIE certificates check) to ensure that solely authorized TPPs connect to the channel

Reporting and Monitoring of the system via client’s dashboard

Strong Customer Authentication (SCA) and Dynamic Linking for end-customers security

Fall Back Channel management

Assistance with open banking regulatory reporting and exemption application