Victoriabank, which is part of Romania’s largest financial group Banca Transilvania, has chosen to work with Salt Edge to comply with the national law transposing PSD2 into Moldovan legislation.
Ever since it became part of Banca Transilvania in 2018, Victoriabank has embarked on the digital transformation of its services.
The bank’s more than 300,000 retail and corporate customers now have full access to its 100% online services, including card issuance/re-issuance, KYC updates, credit applications, and quick transfers via T2A.
Open Banking solutions provider Salt Edge has observed a “noticeable surge in interest among Moldovan banks” in aligning with PSD2 standards, ahead of Law 209/2022, which comes into effect in February 2025.
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.
Earlier this month, Salt Edge announced it had begun working with Moldova’s Comertbank and in June, Moldindconbank teamed up with Salt Edge to ensure PSD2 compliance.
“Through its partnership with Salt Edge, Victoriabank is implementing Open Banking to give our customers enhanced control over their finances within a secure and efficient platform,” said Elena-Ionela Malos, vice president, chief operating officer at Victoriabank.
“This collaboration not only elevates the user experience and transforms our operations, but also reaffirms Victoriabank’s leadership in financial innovation in the Republic of Moldova.”
Salt Edge’s full stack ‘Open Banking Compliance’ solution will give Victoriabank’s clients a “comprehensive” overview of their finances, accessible via any regulated app of their choice.
“We’ve witnessed the transformative impact of PSD2 on the European financial ecosystem, and are confident that Moldova will reap similar benefits, driving innovation and enhancing financial services,” added Dan Martalog, senior Open Banking solutions expert at Salt Edge.
“As global experts in Open Banking standards, we’re eager to work together with Victoriabank to pioneer Open Banking in Moldova and contribute to its financial evolution.”
Martalog called such partnerships “crucial in advancing the financial sector, ensuring regulatory compliance, and fostering a more dynamic and customer-centric banking environment”.
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