Savings and investments platform Raisin has chosen to work with Open Banking solutions provider Salt Edge as it seeks to strengthen its compliance with UK financial regulations.
Salt Edge’s ‘Open Banking Compliance’ solution will help Raisin to meet the Financial Conduct Authority’s regulatory standards, prioritising security, transparency and data standards for its customers.
As well as meeting Open Banking regulatory requirements, Raisin has made use of a full-stack toolkit, which includes a “dedicated environment” for third-party providers (TPPs) to integrate, with first-line support managed by Salt Edge.
Among the features of the toolkit are a client dashboard for performance monitoring and a TPP verification system to control and secure access to data.
Customers of Raisin, which operates across the UK, EU and US, are offered “competitive” interest rates and a range of banking products, including retail funding, by connecting banks with retail clients.
Raisin’s platform manages more than €70 billion from direct customers who have earned in excess of €2 billion in interest through savings products alone.
Alexa Lloyd-Owen, head of compliance UK at Raisin, said: “We’re thrilled to collaborate with Salt Edge to enhance our ability to deliver seamless, secure, and compliant financial services for our UK platform.
“This partnership enables us to continue breaking down financial barriers for customers while adhering to the highest standards of Open Banking compliance.”
She added: “By leveraging Salt Edge’s robust platform, we can drive innovation and growth, bringing more value to our retail customers and partner banks.”
Dan Martalog, senior Open Banking solutions expert at Salt Edge,highlighted the challenge of keeping up with the rapidly-evolving regulatory landscape.
“Thus, we are thrilled to partner with Raisin, supporting them in achieving Open Banking compliance and meeting the strict regulatory requirements at pace, all while delivering secure and top-tier financial services to their customers,” he added.
Most recently, Serbia-based IT company Saga teamed up with Salt Edge to help the country’s banks meet Open Banking regulatory requirements and follows Salt Edge’s recent expansion into the Republic of Serbia.
Saga will be able to help Serbian financial institutions comply with recent amendments to the Payment Services Act, which will introduce Open Banking-driven services to the Serbian financial market, thereby mirroring PSD2 in Europe.
