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

3 min read Apr 2019

Salt Edge released 60+ PSD2 API sandboxes

On March 14, Salt Edge released 60+ PSD2 sandboxes, after building them for the financial institutions in a couple of weeks time. The launch of these sandboxes for third party testing enabled the ASPSPs to meet the first major PSD2 deadline. PSD2 and the RTS on SCA & CSC impose…

3 min read May 2020

Salt Edge report: European open banking ecosystem in testing mode

Open banking leads the financial industry’s transformation for a new generation of services to appear. Salt Edge is positioned in the middle of this transformation by both building and consuming bank PSD2 APIs. We work hard on extending the bank coverage in Europe and beyond to help businesses expand and…

2 min read Aug 2019

Salt Edge connects to 300+ open banking APIs

Easily staying the course of open banking during these turbulent times for the European financial market, Salt Edge increases its overall number of connected bank APIs to 300+ in the EU. Back in June 2019, Salt Edge announced the successful integration via open banking APIs with more than 200 banks all over…

9 min read Jun 2019

TPP identification challenge for ASPSP under PSD2

According to PSD2, the financial institutions that act as ASPSPs should have in place at least one interface for regulated TPPs (including other ASPSPs that act as TPPs) for identification and secure communication. Identifying themselves is mandatory for all TPPs that wish to get access to ASPSP’s sandbox, live API,…