ConnectPay, an electronic money institution based in Lithuania, has tapped Salt Edge, a leading Open Banking solutions provider based in London, to improve the payments experience in Germany and the Netherlands. Salt Edge announced the development today.
ConnectPay is a fintech firm whose branches are spread in the European Union. Therefore, its collaboration with Salt Edge complements the company’s strategic goal to implement Open Banking payments. The company seeks to enhance user experience and has been looking for a partner that could help integrate multiple APIs of banks across the Netherlands and Germany.
Salt Edge’s expertise will help ConnectPay to deploy new open banking solutions into its platform as the technical documentation differs depending on each bank, and more resources are required for analysis and development if all done in-house.
Salt Edge Payment Initiation solution will enable ConnectPay to integrate with a list of all required financial institutions and provide merchant services based on Open Banking in Germany and the Netherlands. Salt Edge’s role will continue to be important as ConnectPay aims to constantly widen the list of its supported countries.
Marius Galdikas, the CEO at ConnectPay, stated: “Collaborations and partnerships drive the fintech industry forward. Salt Edge lived up to our expectations and offered a one-size-fits-all solution to reach the most popular financial institutions in Germany and the Netherlands, rather than integrating them one by one. Combining the strengths of Salt Edge and ConnectPay will enable us to offer high-quality merchant services to our e-commerce customers.”
Meanwhile, Vasile Valcov, the Vice President at Salt Edge, added: “We are excited to join hands with ConnectPay, a company dedicated to providing the most innovative solutions and seamless user experience to merchants through open banking technologies. Our solution provides ConnectPay access to major banks in Germany and the Netherlands with a single connection and enables them to offer high-quality merchant service to their customers.”
Paving the Way for Businesses to Leverage Open Banking
Salt Edge has continued to leverage its open banking solutions to bring opportunities that become real game-changers for various businesses. In March 2020, Billingo, a Hungarian online invoicer, selected Salt Edge to enable it to expand its billing services offering based on bank data aggregation. In September last year, Western Union selected Salt Edge to enable it to create a new banking experience associated with digital multi-currency customer bank accounts. In November last year, Landsbankinn, a major bank in Iceland, selected Salt Edge to enable it to comply with Icelandic law on the PSD2 legislation. The law came into effect and now authorizes banks and fintechs to access customer and business bank accounts to initiate payments and provide banking data-related services. Landsbankinn, therefore, leveraged Salt Edge’s PSD2 Compliance Solution to enable it to provide its customers with the possibility to view their bank accounts in apps and websites external to the bank as well as use such services to make transfers from their accounts.
