Source: Salt Edge
Fintech Solutions & Services (Global) Pty Ltd (FinSS Global), Australia-based technology solutions expert, joined forces with Salt Edge, leader in offering open banking solutions, to reveal the possibility for credit unions, banks, and fintechs in the Australasian region to digitalise financial management processes via open banking.
FinSS Global provides compliance, debt and risk management, banking solutions, including open banking (CDR) use case enablement for lenders and credit providers, neobanks, and emerging fintechs. The collaboration between Salt Edge and FinSS Global sets the stage to ensure broader access to digital and open banking experiences in the finance sector. This will refine FinSS Global’s portfolio with tech-savvy open banking solutions and enable Australasian companies to obtain aggregated bank data of their end-customers from across the world.
Salt Edge’s data aggregation technology automatically structures and categorises the bank data fetched via traditional and open banking channels. The solution allows financial institutions to skip many steps like bank integration, monitoring of APIs, normalisation of data format, and to start using bank data almost instantly. FinSS Global will streamline Salt Edge open banking toolkit that allows access to customers’ bank data at digital speed and eliminates miles of red tape. Salt Edge enables aggregation of data from over 5000 financial institutions in 50+ countries to grant a complete financial situation overview to businesses and their end-users. Instead of manually entering information or uploading CSV files, bank data becomes instantly available to Australasian companies for aggregating, digitalising and managing their daily business needs.
Going digital is a key strategy for companies in the A/NZ region, along with an appetite for data aggregation, personal financial management and the adoption of the Australian open banking regime (CDR). After extensive research, FinSS Global has entered a strategic partnership with Salt Edge to bring its globally recognised open banking technologies to the region. Salt Edge has a very mature solution set, including a wealth of experience supporting the European open banking standard, PSD2, which we are hoping to leverage in the region as financial institutions look to participate in the open banking ecosystem. We see this partnership giving us the ability to add capability to our existing product portfolio and offer exciting solutions for local/overseas data aggregation/categorisation, customer money management, and open banking, to the market as it embraces digital transformation.
Dallas Newton, CEO at FinSS Global
The financial services industry is undergoing a revolution in how software solutions are created and delivered to the market and one of the most important digital transformations is the concept of open banking that matures and fructifies very fast. Here at Salt Edge we are excited to collaborate with FinSS Global to promote open banking movement in the Australasia region, so more companies and financial institutions could benefit from countless opportunities that emerge in the financial market.
Lisa Gutu, Head of Business Development at Salt Edge