Backbase, the enabler of engagement banking, announced a partnership with Salt Edge, a provider of open banking solutions, to support the adoption of open banking and help banks meet compliance requirements while unlocking revenue opportunities.
This collab reportedly enables Backbase customers to “integrate open banking compliance solutions from Salt Edge.”
Available end-to-end through the Backbase Marketplace, it “ensures seamless connectivity to the bank’s tech stack.”
Banks working toward open banking compliance struggle to build secure authentication flows between third-party providers (TPPs) and their web and mobile apps, “resulting in millions of IT dollars spent in building and maintaining these solutions.”
With Backbase offering the banking & integration platform and Salt Edge providing a state-of-the-art open banking compliance solution, banks can now provide “a solution to TPPs, without additional build and maintenance costs.”
This solution includes:
- end-to-end open banking compliance solution
- access to Salt Edge’s products offering for Backbase customers,
- a good customer experience for TTPs with dashboard, self-service registration and developer portals.
By collaborating with Salt Edge, they enable banks to “comply with open banking regulations and to potentially monetize their APIs and offer seamless digital experiences to their customers.”
Beyond compliance, this collaboration “allows banks to transform API infrastructure into a key driver of revenue growth.”
By leveraging Salt Edge’s expertise in API aggregation and compliance, banks can securely connect with TPPs, offer “value-added services, and explore new business models that capitalize on the open banking revolution.”
As the financial industry moves towards an open finance era, this partnership is a testament to Backbase and Salt Edge’s commitment “to driving innovation and empowering financial institutions to stay ahead of the curve.”
As covered, Backbase is on a mission to “re-architect banking around the customer.”
They are the creators of the Engagement Banking Platform – a composable platform that empowers banks “to accelerate their digital transformation through progressively modernizing their main customer journeys.”
From onboarding, to servicing, lending and investing, their platform streamlines “every aspect of the customer and employee journey.”
Pre-integrated with core systems and fintechs, it enables institutions to unlock innovation “at scale, driving instant value creation.”
Backbase is a private fintech, founded in 2003 in Amsterdam (Global HQ), with regional “offices in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto.”
As noted in the update, Salt Edge is a financial API platform “with PSD2 and open banking solutions.”
The company has two “main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements.”
ISO 27001 certified and AISP licensed under PSD2, the company employs the international security measures to “ensure stable and reliable connections between financial institutions and their customers.”
The company is reportedly integrated with “5000+ financial institutions in 50+ countries.”