Backbase, the global leader in engagement banking, has announced a strategic partnership with Salt Edge, a leading provider of open banking solutions, to accelerate the adoption of open banking and help banks seamlessly meet compliance requirements while unlocking new revenue opportunities.
This collaboration enables Backbase customers to integrate robust open banking compliance solutions from Salt Edge. Available end-to-end through the Backbase Marketplace, it ensures seamless connectivity to the bank’s tech stack.
The hidden cost of being compliant
Banks working toward open banking compliance struggle to build secure authentication flows between third-party providers (TPPs) and their web and mobile apps, resulting in millions of IT dollars spent in building and maintaining these solutions.
With Backbase offering the banking & integration platform and Salt Edge providing a state-of-the-art open banking compliance solution, banks can now provide a turnkey solution to TPPs, without additional build and maintenance costs.
This solution includes:
• end-to-end open banking compliance solution
• seamless access to Salt Edge’s products offering for Backbase customers,
• a great customer experience for TTPs with dashboard, self-service registration and developer portals.
“This partnership marks a significant step in our mission to empower banks to re-architect banking around the customer,” said Roland Booijen, General Manager Ecosystems at Backbase. “By collaborating with Salt Edge, we enable banks to not only comply with open banking regulations but also to potentially monetize their APIs and offer seamless digital experiences to their customers.”
Turning API modernization into profit
Beyond compliance, this strategic collaboration allows banks to transform API infrastructure into a key driver of revenue growth. By leveraging Salt Edge’s expertise in API aggregation and compliance, banks can securely connect with TPPs, offer value-added services, and explore new business models that capitalize on the open banking revolution.
“Regulatory compliance should not be a bottleneck for banks but rather a catalyst for growth and innovation,” said Iulian Mitrea, Head of Partner Ecosystem at Salt Edge. “By partnering with Backbase, we are equipping financial institutions with the tools they need to effortlessly thrive in the evolving open banking landscape.”
A transformative step towards open finance
As the financial industry moves towards an open finance era, this partnership is a testament to Backbase and Salt Edge’s commitment to driving innovation and empowering financial institutions to stay ahead of the curve.