Moldova’s Paynet integrates Salt Edge’s Open Banking compliance solution

Moldova’s first digital wallet Paynet has chosen Salt Edge’s full-stack Open Banking compliance solution to comply with the country’s PSD2 regulations.

Electronic money institution Paynet provides a financial management tool for both businesses and consumers, and has also launched the Paynet wallet and the Paynet Mastercard.

The Paynet wallet is an “all-in-one app solution” that helps users manage their finances, including paying utility bills and making money transfers.

The deadline for complying with the law transposing PSD2 into Moldovan legislation came into effect in February this year.

By partnering with Salt Edge, Paynet has been able to meet local PSD2 requirements, while automating several key processes, such as customer consent management, report generation, and fully managed support for third-party providers.

“Working together with Salt Edge to implement an Open Banking solution will elevate our customers’ experiences and reinforce Paynet’s position as a leading fintech company in Moldova,” said Calin Gryadchenko, chief executive officer of Paynet.

“This collaboration underscores our dedication to offering services of outstanding value adapted to the rapidly-evolving market demands, marking a significant step forward in our mission to bring innovation to the financial industry.”

Dan Martalog, senior Open Banking solutions expert at Salt Edge, added: “We’re thrilled to support Paynet in achieving Open Banking compliance and meeting Moldova’s rigorous regulatory deadlines efficiently, all while enabling the company to deliver secure, reliable financial services to its customers.

“With Salt Edge’s Open Banking Compliance Solution, Paynet reinforces its commitment to providing businesses and individuals with greater control over their finances, contributing to a safer, more dynamic financial landscape in Moldova.”

Last year, Salt Edge worked with a couple of financial institutions in Moldova to ensure compliance with domestic PSD2 regulations, including Comertbank and Victoriabank.

Listen to Salt Edge’s head of accounts executive Mihail Ceres and chief product officer Ilia Dragan on the Open Banking Expo Unplugged podcast as they discuss the transition from an Open Banking to an Open Finance ecosystem.