Moldova’s Comertbank has begun working with Open Banking solutions provider Salt Edge to ensure compliance with domestic PSD2 regulations.
Through the partnership, Comertbank will use Salt Edge’s full-stack Open Banking Compliance Solution to meet local PSD2 requirements and provide its customers with a “value-added Open Banking experience” that offers access a “detailed dashboard” of financial transactions through regulated applications of their choice.
The National Bank of Moldova transposed the second European Payment Services Directive (PSD2) into its legal framework in August 2022, through Law 209/2022, which amends the Law on Payment Services and Electronic Money No 114/2012.
The updated Law 114/2012 aims to foster innovation, competition, and efficiency in Moldova’s financial sector, according to Salt Edge.
The National Bank of Moldova has mandated that banks and other financial institutions falling under its scope comply with the new requirements by February 2025.
Elena Cusnir, deputy chair of the managing board at Comertbank said: “We are committed to providing our customers with an innovative and value-added banking experience, integrating digital solutions to continuously increase customer satisfaction.
“The bank pays close attention to financial security and stability, providing customers with the newest and most innovative banking products to meet their expectations.”
She added: “Where there is a need, there is a product, and shifting from traditional banking to Open Banking meets this need and will align the payment services market with EU standards.”
Dan Martalog, senior Open Banking solutions expert at Salt Edge said that in choosing Salt Edge to navigate the complex technical and regulatory landscape of PSD2, Comertbank is “solidifying its commitment” to innovation in Moldova’s financial sector.
“With our Open Banking Compliance Solution, Comertbank is taking a significant step in being one of the frontrunners to comply with Open Banking regulations, while empowering its customers with advanced fintech solutions and greater control over their finances,” he added.
Comertbank is not the only Moldovan financial institution to partner with Salt Edge.
In June, Moldindconbank teamed up with Salt Edge to ensure PSD2 compliance.
Salt Edge is event partner of the Open Finance Show, which is co-located with Open Banking Expo UK & Europe 2024 – click here to find out more.
