Salt Edge Inc. is proud to announce the release of Spectre API V4 – the groundbreaking data aggregation, enrichment, and payment initiation engine just became more innovative.

February 6th, 2018 – In the past few years, FinTech became one of the industries that, arguably, evolves at the highest possible pace. New players constantly enter the landscape with unique and innovative solutions, always raising the level of the industry. Staying at the head of the pack requires a certain degree of excellence, sustaining which involves a constant drive toward improvement.

Spectre API’s fourth iteration was built with that thought in mind. Being primarily a full rebuild of the system, V4 is also the beginning of a release train which will eventually include Merchant Identification, Business Categorization, Financial Health Check, and Payment Initiation for PISPs, among many other things.

The first major change of the release train is support of Multi-Tenant Environments. With the fourth version, Spectre API gained the ability to support multiple tenants and significantly more data. This approach will permit a faster scalability of Salt Edge’s infrastructure, allowing to provide dedicated tenants for clients, which, in turn, will increase the platform’s performance and availability, as well as improve the system’s security.

The Authentication API also underwent some significant changes, going through increases both in overall security and consistency. In V4, each client is able to create an unlimited amount of API keys for API use. This allows a user friendly and transparent transition between API versions, platforms, updates, and so on.

As per GPDR requirements, a Consent Window will be shown upon every Login creation and change in access type. The data owner will be presented with information about the entity to which he grants consent, the type of data that will be accessed, and how exactly will it be processed. The owner will also be informed of his right to withdraw consent at any time.

Spectre API will be able to discern Merchants in a way similar to how its categorization engine identifies categories. The client will receive access to information about the business and find out its name, address, phone number, point of sale coordinates etc.

V4 also brings PISPs the possibility to initiate payments by connecting to PSD2 compliant channels, in accordance with Regulatory Technical Requirements. Spectre API is connected to payment networks such as SEPA Instant Credit Transfer, Faster Payment in the UK, Elixir in Poland, etc. By utilizing Spectre API Payment Initiation Service Providers can fulfil the ever-growing customer demand for instant payments.

Financial Health Check will use a complex set of algorithms to assign a financial behavior score to the user. This brings major benefits both to the end-user, as well as businesses. Institutions will receive a more in-depth analysis of a client’s financial behavior patterns, which in turn will enable institutions to make better decisions and create improved services, while the user will achieve a better understanding of his financial life.

Business Categorization is a Personal Categorization alternative made to cater to the needs of businesses. Made to ease and improve the way small and medium businesses take care of their finances. Together with the addition of Business Categorization, clients will be able to choose between categorization types, a fact which will undoubtedly raise the categorization accuracy of their transactions.

More detailed information about the fourth version of Spectre can be found in the ChangeLog in our Documentation.

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

E-mail: press@saltedge.com