Square, a technology company that provides an integrated ecosystem of commerce solutions, has teamed up with Open Banking platform Salt Edge to “streamline” payment operations for UK sellers.
Square will integrate Salt Edge’s full-stack ‘Open Banking Compliance’ solution to enable its customers to choose to share their data with banks and other third-party providers via secure APIs.
Through the partnership, businesses will be able to get access to financial services and personalised insights into their spending patterns, to inform decision making.
The partnership is expected to be of particular value for users of the recently-launched ‘Square Card’ in the UK.
The card is intended to give underserved SMEs more control over their finances and to be able to manage them in one place.
“We’re really excited to see the integration with Salt Edge go live,” said Samina Hussain-Letch, executive director at Square UK.
“Square Card is a new product for us in the UK and an important solution for small businesses to manage cash flow, which we know is often the biggest blocker for starting and growing a business.”
She added: “Salt Edge offers APIs that enable businesses to share their data with other banks and financial institutions of their choosing, helping us to further streamline and simplify operations for our sellers, which allows them to run, thrive, and grow.”
Square has previously launched point-of-sale solutions, such as ‘Square Online’, ‘Square Appointments’ and ‘Square Restaurants’, as well as “smart tools” for cash flow, inventory and team management, all of which are designed to remove the complexity from running a business.
Andrei Scutari, Open Banking head of sales and country manager at Salt Edge, called it a “crucial time” for small- and medium-sized businesses in the UK, given that managing cash flow is “essential for growth”.
“Salt Edge’s full-stack Open Banking Compliance solution seamlessly integrates with Square’s ecosystem, enabling businesses to securely share their financial data with banks and regulated third-party providers of their choice,” he added.
“This feature helps Square customers maintain better control over their finances, ensuring smoother cash flow management and allowing them to respond more quickly to market demands.”
At the end of last year, UK-based savings and investments platform Raisin chose to work with Salt Edge to strengthen its compliance with UK financial regulations.
