Multitude Bank p.l.c., a core subsidiary of the Nordic-born listed FinTech, Multitude Group, offers digital lending and online banking services to consumers and SMEs across Europe. The Bank has now partnered with Salt Edge, a leading open banking platform, with a goal to enable instant loan repayments.
With a commitment to enhancing its customers’ experience, Multitude Bank is leveraging Salt Edge’s open banking technology to optimise repayment processes. Through the use of the open banking method, Pay-by-Link, customers will receive timely notifications about impending instalments, ensuring a more convenient repayment process. Salt Edge’s Payment Initiation solution will allow Multitude Bank’s clients, who previously relied on traditional online banking, to make instant loan repayments, reduce transaction costs, and connect with 2,300+ banks across Europe.
The Bank has already successfully implemented Salt Edge’s solution for consumer lending products. Building on this success, the parties have agreed to strengthen their partnership by integrating a white-label Payment Initiation solution, enabling the Bank to offer payment initiation services to other EMI-licensed Payment Service Providers. This expansion will enable the provision of Payment Initiation services, including local settlement and virtual accounts for processing payments in SEK, CZK, EUR, DKK, and GBP.
“Salt Edge’s solution stood out due to its flexibility, competitive pricing, extensive coverage, and readiness to adapt to Multitude’s specific needs. These factors were pivotal in choosing Salt Edge as a partner in this initiative.” Dario Azzopardi, CBO & Deputy CEO of Multitude Bank.
“Open banking offers flexibility, and we’re happy to assist Multitude in supporting its clients with a safe and faster payment solution powered by open banking. Through our collaboration, we support Multitude’s mission to help consumers and SMEs, often overlooked by traditional financing, achieve their potential.” Erica Virlan, Vice President of Sales, Salt Edge.