It’s that time of year again to turn back the clock and reflect on key milestones that shaped 2024. Looking back, we, at Salt Edge, have made great strides, from launching innovative products and tapping new markets to forging partnerships and welcoming talented Salties onboard.

Each step forward has echoed our commitment to make open banking accessible to every business all over the globe. We invite you to join us in celebrating the achievements that defined 2024 as a year of ambition and growth for Salt Edge.

Tapping new markets

At Salt Edge, our dedication to innovation and progress continues to drive us into new markets and deepen partnerships across the globe. In 2024, we expanded our reach and strengthened our presence in key markets, from Europe to the Middle East and beyond.

2024 was a year of planting new seeds in Business Development, with fertile ground for growth. Across emerging markets like the USA, Canada, Saudi, Qatar, and the UAE, we’ve witnessed Open Banking swiftly evolve, while the mature markets in the EU & UK manifested curiosity for Open Finance use cases fuelled by regulatory frameworks such as FIDA, SPAA scheme, UK’s Smart Data roadmap. In the UK, commercial VRPs are seeing a renaissance, gaining definition through initiatives like Visa’s A2A. Meanwhile, Premium API distribution & Banking-as-a-Service models continue to expand in different markets, raising important questions about route-to-market capabilities, ROI and compliance.

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• Beleuta Alina, CGO, Head of Business Development & Alliances at Salt Edge

   

This year we’ve built an internal Open Banking database covering every country, allowing us to track and analyse new Open Finance initiatives worldwide. This effort, supported by open collaboration with central banks, regulatory bodies, and core technology players in the financial industry underscores how transparency and trust are driving the global ecosystem forward. However, the defining concept for 2024 is ‘interoperability.’ As challenging to implement as it is to pronounce, interoperability is at the forefront of our efforts, encompassing cross-border data portability, payments, and global API standards.

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Europe

Comprehensive discussions with financial sector players, technology assessments, and educational sessions helped us forge partnerships with EMIs and 6 major banks in Moldova. Among the financial institutions that recognised the value of our expertise and chose Salt Edge to meet local compliance requirements are Moldindconbank, Comerțbank, and Victoriabank. This progress underscores Salt Edge’s role as a trusted advisor and partner, guiding institutions through PSD2 Open Banking compliance and beyond.

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• Dan Martalog, Senior Open Banking Solutions Expert

   

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The Middle East

Our close collaboration with Access to Arabia (A2A) enhanced our preparations to support several banks in Jordan in meeting Open Banking regulations and providing premium API-based banking products. In Saudi Arabia, we established ourselves as a TSP for Open Banking, leveraging our live experience with PIS compliance to navigate a challenging but promising market.

The USA & Canada

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued the final Personal Financial Data Rights Rule, mandating US financial institutions to ensure transparency, security, control, and competition by giving consumers control over their financial data. At the same time, in its 2024 Fall Economic Statement, the Department of Finance Canada (FCAC) introduced a framework for consumer-driven banking, also known as Open Banking or consumer-directed finance. 

We’ve been closely monitoring these regulatory advancements, and while there’s still a long journey ahead, Salt Edge is proud to support both US and Canadian institutions in navigating the challenges of these new regulations and implementing them effectively.

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• Bradley Gold, Country Manager US & Canada

   

Building a strong network of partners

In 2024, our focus on delivering high-quality services brought 30 new clients to the Salt Edge family and helped us build valuable connections globally. This year, we grew our partner ecosystem and deepened relationships with industry leaders, including Spire, Saga, Innovance and more. Each collaboration was a testament to our shared vision of driving innovation in the financial ecosystem.

At Salt Edge, partnerships remain central to our growth strategy. This year, we expanded our ecosystem with top global consulting and system integration firms like LTIMindtree, Saga, and Innovance; industry-leading digital banking solutions like Infosys Finacle: and forward-thinking fintech platforms like SDK.finance. These alliances allow us to offer tailored solutions to a diverse clientele—from small businesses, lenders, and merchants to investment firms and banks. We’ve also deepened our collaborations with core banking providers, enabling financial institutions to meet Open Banking requirements and drive digital transformation.

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• Iulian Mitrea, Head of Partner Ecosystem

   

Looking ahead, we’re excited to continue empowering businesses of all kinds with secure, reliable, and customisable open banking solutions that will ease their regulatory burden and pave the way for countless use cases.

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Anchoring trust by upholding the highest global security standards

We kicked off 2024 by successfully passing another recertification audit, and from this year on, we are certified under the latest version of the standard ISO/IEC 27001:2022. In addition, starting this year, our certification will be issued and approved by the United Kingdom Accreditation Service (UKAS).

Building on this achievement, we also received the SOC 2 Type II report from PwC Israel, further cementing Salt Edge’s position as a trusted partner in safeguarding data and ensuring compliance while maintaining the highest global security standards.

Leading through innovation

Over the past year, we introduced several upgrades to our open banking solutions, striving to ensure a seamless user experience and provide trendsetting products for our clients to build on.

Salt Edge API V6

Shaped by our clients’ valuable input and powered by our in-house expertise, we introduced the Account Information API V6 which was greeted with overwhelmingly positive feedback. The new AIS API V6 comes with a consistent environment, a dynamic and responsive system, easier integration, enhanced flexibility, feedback management, a new changelog page in the API documentation, and granular and descriptive error classes and messages. This release is part of a broader effort to continuously improve Salt Edge’s solutions, with the Payments API (PIS V6) set to launch soon.

Optimised systems and elevated payments

To boost system efficiency, we migrated all clients to the latest widget version and introduced an AI-powered interface localisation tool. Moreover, we implemented the support for multiple certificates, enabling clients to update certificates without downtime.

Not to mention, Salt Edge is thrilled to be working with Visa on Account to Account (A2A) payments, a solution that has the potential to offer a more secure and cost-effective alternative to direct debit and card payments.

All these efforts have led to an impressive 293% increase in the number of payments processed compared to 2023, alongside a 56% growth in unique users.

Fresh design, same commitments

And not less important, Salt Edge unveiled a completely redesigned homepage this year. Besides stunning visuals and a modern, fresh design, our new homepage is also suited with a streamlined interface and intuitive navigation. This upgrade ensures users can enjoy an elevated browsing experience and find everything they need in just a few clicks.

Bringing our expertise to industry events across the globe

During 2024, Salt Edge actively participated in over 17 events across the world, each providing a unique opportunity to connect with like-minded fintech leaders, build lasting relationships, share our expertise, and contribute to shaping the future of open banking. Notable events where we made our mark include Pay360, Money20/20, Open Banking Expo UK & Europe, SiGMA Europe, Seamless Saudi Arabia, Milan Fintech Summit, ICE London, Leap Riyadh, Unchain Fintech Festival, Finastra Universal Banking Forum, Temenos Kick-off, and plenty of others.

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Concluding 2024, we reflect with pride and gratitude on an incredible year for Salt Edge. From reaching into promising markets, like the USA, to launching the Salt Edge API V6, every milestone was inspired by the trust and collaboration of our partners and clients. Thank you for relying on our expertise in navigating the complex world of open banking.

I also want to extend my heartfelt appreciation to the people behind Salt Edge, whose dedication and hard work turned challenges into opportunities and ideas into impactful results. You are the driving force behind Salt Edge’s success.

Cheers to a joyful holiday season! We can’t wait to unwrap more exciting achievements in the year to come.

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• Garri Galanter, CEO at Salt Edge