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The partnership sees LoanStar help the bank “expand its reach through point-of-sale finance”.
The latest figures from OBL also showed that around 750,000 small to medium-sized enterprises (SMEs) are using Open Banking products.
Salt Edge’s Erica Virlan said it is “fulfilling to see the growing interest in Open Banking from financial institutions”.
As the UK’s buy now, pay later sector continues to grow and readies for regulation, are concerns about consumer demand in a cost-of-living crisis justified, or is it experiencing growing pains?
The fintech has assembled a US-based team to lead its expansion.
The bank will be able to verify new users’ identities in “as little as” 15 seconds, by plugging Onfido into its application process.
Users of Apple Pay Later will be able to pay for purchases in four instalments, without being charged interest or fees.
The deal will enable the bank to make inroads into LatAm and the Caribbean.
The new partnership will “dramatically reduce” the development and integration costs required for clients to participate in the Open Banking ecosystem.
Chief executive officer Todd Clyde said Token is “one of the few providers offering connectivity in Romania”.
