Open banking platform Salt Edge has developed an on-the-fly mechanisim for banks to verify the bona fides of third-party providers trying to access users’ account data.
In order to perform required checks on Trusted Third Parties (TPPs), banks currently rely on dozens of Qualified Trust Service Providers and registries of National Competent Authorities, all running on various technology stacks, with the information available in different formats, much of it missing or being duplicated.
Salt Edge says its TPP Verification product removes this burden and ticks the legal box for banks to verify the status of each TPP trying to gain access to their accounts.
Running on the SaaS model, the service can be deployed within a couple of days and is compatible with both dedicated APIs and modified customer interfaces. The information is provided in a matter of milliseconds and includes data about TPP’s PSD2 role, issuing QTSP, passporting permissions, eIDAS revocation checks, and more.
Ana Maria Bahnarel, project manager at Salt Edge, comments: "Open banking’s success depends on innovation and collaboration, backed-up by serious investments in security. Instead of doing it alone, ASPSPs can team up with fintechs and collectively deliver greater solutions to everyday challenges. TPP Verification developed by Salt Edge does exactly what it promises: protects data and enhances payments’ security, making fraudulent activities impossible. We are keeping the fences as high as possible."