TreasurUp and Salt Edge Partner to Provide Open Banking Services

TreasurUp and Salt Edge have partnered to provide financial institutions in the United Kingdom and the European Union (EU) with account aggregation and open banking compliance services.

TreasurUp’s Cash Visibility solution offers a comprehensive overview of cash levels across multiple banks, while Salt Edge provides open banking connectivity with over 5,000 financial institutions, the companies said in a Thursday (Aug. 24) press release.

“Financial institutions are actively attempting to embrace new trends and maintain their competitiveness in this rapidly evolving environment amid quick advancements and changing consumer preferences,” the release said. “This is where technology companies like TreasurUp and Salt Edge come into play.”

Through this partnership, banks can now offer their clients the convenience of managing their finances by seamlessly adding bank accounts from other institutions, according to the press release. This feature provides graphical and numerical insights into current and historical account balances, powered by open banking.

Leveraging Salt Edge’s extensive network, banks can facilitate instant access to account data and enable secure payment methods, empowering businesses to make informed decisions and digitize their processes, the release said.

One of the significant advantages of this collaboration is the support it provides to banks in achieving PSD2 compliance within the strict open banking regulations, per the release. With minimal resources, financial institutions can ensure compliance and enhance end-user security through Salt Edge’s Mobile SCA solution.

Iulian Mitrea, business development manager at Salt Edge, said in the release: “TreasurUp’s expertise in commercial banking will be invaluable in helping us deliver a solution that is truly tailored to the needs of banks and their clients.”

Philip Costa Hibberd, product manager at TreasurUp, added: “We are excited to partner with Salt Edge to bring the power of open banking and cash visibility to company clients of banks.”

The ability of companies to access their bank account data in real-time via open banking is an important advancement in the ability for chief financial officers and treasurers to more effectively manage money, Salt Edge Vice President Vasile Valcov told PYMNTS in an interview posted in November 2020.

“Knowing the real financial situation that a company has … in real-time is currently a big challenge,” Valcov said at the time. “And this is what open banking can solve in the long term when it becomes mainstream — not only in the EU, but in other countries as well.”