Backbase teams up with Salt Edge to enable Open Banking compliance among banks

A new strategic partnership between Amsterdam-based engagement banking platform Backbase and Salt Edge aims to accelerate Open Banking adoption and compliance among financial institutions, and help them uncover new revenue opportunities.

Through the collaboration, customers of Backbase will be able to integrate Salt Edge’s Open Banking compliance solutions, which are available end-to-end via the ‘Backbase Marketplace’, thereby ensuring “seamless connectivity” to the bank’s tech stack.

According to Backbase, banks can “struggle” to build secure authentication flows between third-party providers (TPPs) and their web and mobile apps, resulting in mounting costs to build and maintain these solutions.

The combination of Backbase’s banking and integration platform, and Salt Edge’s compliance solution means that banks will be able to offer a turnkey solution to TPPs, reducing the associated build and maintenance costs.

The solution includes end-to-end Open Banking compliance, as well as access to Salt Edge’s product offering for Backbase customers, and for TPPs, 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.”

Iulian Mitrea, head of partner ecosystem at Salt Edge said that, rather than being a “bottleneck” for banks, regulatory compliance should be a “catalyst” for growth and innovation.

“By partnering with Backbase, we are equipping financial institutions with the tools they need to effortlessly thrive in the evolving Open Banking landscape,” Mitrea added.

Among the financial institutions on the Backbase ‘Engagement Banking Platform’ are AIB, BDO, First National Bank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, Saudi National Bank, and Société Générale.

Founded in 2003 in Amsterdam, Backbase has regional offices in Atlanta (Americas HQ), Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Singapore (Asia HQ), Sydney, and Toronto.

Further reading: Square integrates Salt Edge Open Banking solution