Salt Edge, a leader in developing open banking solutions, helped Jordan Ahli Bank Cyprus become amongst the first group of banks in Cyprus to comply with PSD2 requirements.
PSD2 brings an opportunity for banks to respond to their customers’ expectations by opening APIs for secure access by third party providers (TPPs). Looking for a partner that can help it follow regulatory requirements and reach the opportunities created by PSD2, Jordan Ahli Bank chose Salt Edge to enable its customers to have an aggregated view of their spendings in their favourite apps.
Jordan Ahli Bank Cyprus uses PSD2 Compliance Solution from Salt Edge, a turn-key SaaS product, which includes a set of APIs, complete TPP developer portal, TPP verification system, client dashboard, and regular API updates according to the changes in the official regulation. By trusting Salt Edge with all the technical complexities, Jordan Ahli Bank can focus on their core business.
As a part of the API, the TPP verification system ensures that only regulated institutions can have access to Jordan Ahli Bank’s open banking channels. Via Salt Edge, Jordan Ahli Bank Cyprus has already enforced additional SCA mechanisms, without presenting any obstacles to the provision of TPP services under PSD2. Salt Edge’s strict security measures align perfectly with Jordan Ahli Bank’s aim to efficiently protect personal and financial data in the best way possible.
Now Jordan Ahli Bank Cyprus enables its customers to get a complete overview of their financial transactions in any regulated app they prefer to use. By going beyond the traditional bank statements, Jordan Ahli Bank is joining the open banking movement in the market innovation and helping customers with better services.
We were excited that Jordan Ahli Bank Cyprus chose us as their partner when they were looking for a future proof and quick way of leveraging the PSD2 capabilities. The goal of our collaboration was to ensure full PSD2 compliance while Jordan Ahli Bank can truly embrace the open banking potential.
Ilia Dragan, Head of PSD2 Compliance at Salt Edge