Multitude Bank, which is a core subsidiary of Nordic-based fintech Multitude Group, has partnered with Open Banking provider Salt Edge to enable instant loan repayments.
The bank, which offers digital lending and online banking services to European consumers and SMEs, has chosen to use Salt Edge’s Open Banking technology to “optimise” repayments.
Through Open Banking payment method ‘Pay by Link’, Multitude Bank’s customers will receive notifications about impending instalments, while Salt Edge’s payment initiation solution will allow the bank’s clients to make instant loan repayments, reduce transaction costs and connect with more than 2,300 banks across Europe, having previously relied on online banking.
The bank has already implemented Salt Edge’s solution for consumer lending products and the two companies have now agreed to expand their partnership.
By integrating a white-label payment initiation solution, the bank will be able to offer payment initiation services to other EMI-licensed payment service providers and provide payment initiation services, including local settlement and virtual accounts for processing payments in SEK, CZK, EUR, DKK, and GBP.
“Salt Edge’s solution stood out due to its flexibility, competitive pricing, extensive coverage, and readiness to adapt to Multitude’s specific needs. These factors were pivotal in choosing Salt Edge as a partner in this initiative,” said Dario Azzopardi, chief banking officer and deputy chief executive officer of Multitude Bank.
Erica Virlan, Salt Edge’s vice president of sales, added: “Open Banking offers flexibility, and we’re happy to assist Multitude in supporting its clients with a safe and faster payment solution powered by Open Banking.
“Through our collaboration, we support Multitude’s mission to help consumers and SMEs, often overlooked by traditional financing, achieve their potential.”
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.
Further reading: Moldova’s Victoriabank chooses Salt Edge for Open Banking compliance
