Salt Edge streamlines the PSD2 onboarding with banks to save TPPs thousands of work hours

Salt Edge announced the release of a new feature that allows third party providers (TPPs) to register quicker with the desired banks’ PSD2 channels in the whole of Europe. Dynamic registration aims to save TPPs thousands of man-hours on onboarding with banks.

Around 60% of banks across Europe offer TPPs the possibility to onboard faster with their PSD2 channels. In order to benefit from this capability, the technical service provider should create a mechanism that allows its TPP clients to dynamically register with banks. Salt Edge is the first and currently the only provider offering this tool on the pan-European market.

Taking into account that in Europe there are 6000+ banks and over 1000 TPPs (including banks that act as TPPs), Salt Edge aims to save TPPs more than 20M man-hours on onboarding with banks. The use of dynamic registration greatly shortens the time needed for institutions to launch and even expand their businesses across Europe via open banking.

Dynamic registration represents a simplified method of registering with the banks’ platforms to gain access to their APIs. This type of registration can eliminate manual processes including the need to manually create an account in the bank’s developer portal, fill-in of data forms, and lengthy emails exchange with the bank. Dynamic registration requires only to present a valid eIDAS certificate and in return receive a set of instructions to start the integration with the API, both sandbox and live environments.

During manual registration with banks, the TPP should register with each single bank separately. That’s why dynamic registration makes a big difference at scale, specifically when connecting to big groups of banks that have separate APIs for each country. Having to manually register with each API separately can take months. With Salt Edge’s dynamic registration self-service, TPPs can onboard with multiple banks at once.

Helping TPPs get to market fast and expand their offering is one of the main goals for Salt Edge as a vendor. The intuitive and secure technology that is continuously upgraded and maintained allows TPPs to overcome the complexity of execution of thousands of registrations, integrations and testing for the newly created open banking market

Vladimir Pintea, Head of Open Banking Gateway at Salt Edge

Providing dynamic registration was possible by previously implementing in the Salt Edge platform the possibility to generate eIDAS certificate sign requests.

About Salt Edge

Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5500+ financial institutions in 69 countries.

More information: http://www.saltedge.com
Phone number: +1-437-886-3969
E-mail: press@saltedge.com

Salt Edge report

Discover what is the current state of open banking payments in Europe in 2021

Download now

Related articles

4 min read Jun 2022

Onboarding gives your customers a headache? Open banking is a painkiller you need

The digital pace that our world took decades ago has been roughly accelerated by the pandemic that changed our life forever. Modern society is synonymous with speed, and this is especially true for financial services. And one of the most notable changes that is yet to be largely adopted relates…

2 min read Oct 2019

Salt Edge hits next big milestone: 500+ integrated open banking APIs

Being on the right track and speeding up every month, Salt Edge quickly reaches a significant milestone for the company and the industry itself – successful integrations with 500+ open banking APIs. This number is especially important since now the company is integrated with banks in every country of the European Union….

4 min read Feb 2022

ConnectPay partners with Salt Edge to offer a smooth open banking payments experience

ConnectPay, one of the fastest-growing Electronic Money Institutions (EMI) in Lithuania, joined hands with Salt Edge, a leader in providing open banking solutions, to offer the best payments experience to its customers in Germany and the Netherlands. Living in the continuously shifting world of fintech, modern customers are always seeking…

4 min read May 2022

Banktivity partners with Salt Edge to offer their customers a seamless way to manage personal finances

Banktivity, a US-based PFM app, teamed up with Salt Edge, a leader in offering open banking solutions, to enable its customers in the UK and EU to connect their bank accounts and have all their financial data pulled into the app instantly and fully digitally. The modern PFM market is…