Engagement banking platform provider Backbase has formed a partnership with Salt Edge to expedite the adoption of open banking.
This collaboration aims to assist banks in adhering to compliance demands while opening new revenue streams.
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It provides Backbase customers with direct access to Salt Edge’s open banking compliance solutions through the Backbase Marketplace, facilitating seamless integration with the bank’s technology stack.
Banks striving for open banking compliance face challenges in establishing secure authentication flows with third-party providers (TPPs) for their web and mobile applications, highlighted Backbase.
The firm further said that this often leads to significant IT expenditure on the development and maintenance of these systems.
This tie-up between Backbase and Salt Edge offers a comprehensive solution that alleviates the need for additional build and maintenance costs, providing a turnkey solution for TPPs, according to the company.
The solution includes an “end-to-end” open banking compliance framework, seamless access to Salt Edge’s product offerings for Backbase clients, and an enhanced customer experience for TPPs featuring a dashboard, self-service registration, and developer portals.
This alliance also enables banks to convert their API infrastructure into a “key” source of revenue growth.
Backbase ecosystems general manager Roland Booijen said: “By collaborating with Salt Edge, we enable banks to not only comply with open banking regulations but also to potentially monetise their APIs and offer seamless digital experiences to their customers.”
By utilising Salt Edge’s expertise in API aggregation and compliance, banks can securely connect with TPPs, offer value-added services, and explore innovative business models that take advantage of the open banking movement.
Salt Edge ecosystem partner Iulian Mitrea said: “Regulatory compliance should not be a bottleneck for banks but rather a catalyst for growth and innovation.
“By partnering with Backbase, we are equipping financial institutions with the tools they need to effortlessly thrive in the evolving open banking landscape.”
Recently, Tirana Bank in Albania implemented Backbase’s Engagement Banking Platform.
