Backbase, an engagement banking company, has forged a new partnership with Salt Edge, the open banking solution provider, to accelerate the adoption of open banking and help banks ensure compliance while unlocking new revenue opportunities.
Through the collaboration, Backbase aims to enable its customers to integrate robust open banking compliance solutions from Salt Edge. Available end-to-end through the Backbase Marketplace, it says the move ensures ‘seamless’ connectivity to the bank’s tech stack.
Banks working toward open banking compliance often 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.
The new banking and integration platform offering from Backbase and Salt Edge provides a new open banking compliance solution, banks can now provide a turnkey solution to TPPs without additional build and maintenance costs.
“This partnership marks a significant step in our mission to empower banks to re-architect banking around the customer,” explained Roland Booijen, general manager of ecosystems at Backbase. “By collaborating with Salt Edge, we enable banks to not only comply with open banking regulations but also monetise their APIs and offer seamless digital experiences to their customers.”
Beyond compliance, this strategic collaboration also enables 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.
“Regulatory compliance should not be a bottleneck for banks but rather a catalyst for growth and innovation,” added Iulian Mitrea, head of partner ecosystem at Salt Edge. “By partnering with Backbase, we are equipping financial institutions with the tools they need to effortlessly thrive in the evolving open banking landscape.”
