April 6th, 2018 – On the 7th of Match, the second day of Finovate Europe 2018, the ExCel Center hosted 1400+ senior fintech attendees, 300+ major financial institutions representatives, and 70+ fintech innovators demoing their products. Salt Edge Inc. was also present, with Lisa Terziman-Gutu and Dmitrii Barbasura, the Business Development Officer and the CEO, in attendance.
Together, they demoed the company’s solution to PSD2 & Open Banking compliance – Priora. The product has already been integrated into one of the biggest Latvian banks – Norvik Banka, becoming one of the first of its kind. It enables banks to become compliant with the directive’s regulatory and technical requirements in the span of a few months. Priora’s IT infrastructure consists of several key components: Connector API, Priora SaaS, Authenticator App, Dashboards, and a set of Subsystems. Salt Edge takes of the entire TPP communication, verification, and initial onboarding, handling this burden in the bank’s stead.
Connector API is a simple connecting point between a bank’s core and Priora Solution, which is delivered on SaaS basis and incorporates all the complex requirements of the PSD2 and RTS while being handled fully by Salt Edge. Priora connects to the banking core through Connector API and delivers a unified API gateway, to be used by authorized third parties.
Priora Authenticator is provided on top of the Solution. It is an end-user-faced app which allows the linking of third parties with the end-customer’s bank accounts, as well as authorizing payments initiated by PISPs. This fact puts the bank in a position of full control over the end-customer’s actions.
The Solution comes with a set of dashboards for ASPSPs, TPPs, and end-customers. The most comprehensive functionality is in the ASPSP dashboard, which grants bank managers full real-time control over the system: monitoring the latest activity of TPPs and end-customer which use their services, consent management, exemptions management, incident reporting, etc.
At Finovate, Lisa and Dmitrii showcased the real-life application of these technologies, on the example of Norvik Banka’s digital banking app, e-Norvik. The demo provided an example of how a customer would connect a different bank to Norvik’s app to see all his account information and transaction history in a single place, erasing the necessity of multiple banking apps. Then, the customer decides to pay a bill, by using the provided QR code with all the necessary information. The last step is the customer confirming the payment through the Priora Authenticator App, hence satisfying SCA requirements. The whole process takes just a couple of seconds.
All of this is possible thanks to the centralized API layer developed by Salt Edge, which grants third parties access to all AISP and PISP channels across Europe and beyond, via a single API Gateway. Norvik Banka’s customers have the possibility to connect their accounts in other banks across the EU, essentially turning e-Norvik into the single everyday banking tool customers may need, from which they can control and oversee all their finances.
For a more detailed overview of Priora’s Live Demo you can watch the Finovate video below:
“Our primary goal at Finovate was to demonstrate a complete user journey in the PSD2 & Open Banking World. Priora’s integration into Norvik is a live example that a PSD2 solution can be secure, customer friendly, and reliable. We believe that our Solution covers all of the needs and concerns that banks have in the wake of PSD2’s deadline, and goes beyond them by delivering the possibility of added-value services,” says Dmitrii Barbasura, CEO of Salt Edge Inc.
“We are a bank that not only moves with the times but also tries to outpace them. And we are very glad that in this times outpacing mission we have succeeded to find such a reliable an innovative partner as Salt Edge Inc. Thanks to the possibilities provided by Norvik Banka’s digital banking app e-Norvik, currently we are the only bank in Latvia that offers management of various bank accounts in one application. It allows us to provide our clients not only with the best service but also with unique user experience,” says Oliver Bramwell, CEO of Norvik Banka.
Salt Edge Inc. firmly believes that Priora PSD2 & Open Banking Solution is the most viable and optimal solution that banks can choose to become compliant in the most time- and cost-efficient manner, as well as maximizing their profit and client loyalty levels with the help of the value-added services that can be added to Priora.
About Salt Edge Inc.
Salt Edge Inc. is a fast-growing innovative company specialized in FinTech. It provides world-leading account data aggregation, customer-oriented money management, and white label banking solutions.
Salt Edge enables its partners to embrace innovation, driving their businesses to the next level. Spectre API supports over 2600 financial institutions across 60 markets. Salt Edge Inc. was founded in 2013 and is headquartered in Toronto, Canada.
More detailed information about the company and its services can be found at www.saltedge.com.
Phone number: +14378863969
About Norvik Banka
Norvik Banka (established on 29 April 1992) is one of the oldest commercial banks in Latvia. The bank has the widest network of branches and finance and accounting groups in the country which is available to citizens of 16 Latvian cities. By the asset amount, Norvik Banka is the 8th largest bank of Latvia.
Main office: 15-2 Elizabetes Street, Riga LV-1010
Contact Phone: (+371) 6704 1100
Fax: (+371) 6704 1111