Source: Salt Edge
iPayLinks, a global cross-border payment platform, joined hands with Salt Edge, a leader in developing open banking solutions, to equip its platform with the functionality required to be compliant with the pan-European payments directive.
Modern financial services should be associated with high compliance standards, granting frictionless UX and personalised solutions to end-customers. Payment institutions offering various payment instruments become key actors in this agile ecosystem, offering seamless API-connectivity to third parties. Contrary to the common belief that only banks should be PSD2 compliant, other providers offering payment accounts to users have to comply with strict regulatory requirements too. Salt Edge’s full-stack Open Banking compliance solution for account-servicing providers EMIs helps them to become fully compliant in just 1 month.
iPayLinks is a financial service platform with an Authorised Payment Institution licence by FCA, supporting over 200 payment methods worldwide and serving more than 100.000 companies globally. The company provides payment solutions for merchants, including collection, settlement, transfer, and withdrawal services for major e-commerce platforms, and online acquiring services. The collaboration with Salt Edge will enable iPayLinks to meet regulatory requirements, allowing them to conduct their business across Europe and UK at a scale. Leveraging the Open Banking Compliance Solution, iPayLinks gets a turn-key SaaS product, which incorporates a comprehensive set of APIs including AIS and PIS, TPP developer portal, a set of dashboards, TPP verification system, and regular API updates based on any changes in the regulation.
Knowing firsthand about higher implementation costs for a self-developed PSD2 compliance toolkit and being aware of the regulatory compliance time requirements, we’ve decided to collaborate with the most reliable partner and our choice fixed upon Salt Edge. The company has rich experience in implementing PSD2 projects and has in-depth and unique insight into the requirements of PSD2, and its staff has good communication skills and flexibility. Salt Edge carefully considered the customer’s needs and provided as many solutions as possible. Finally, the business advantages of Salt Edge are outstanding compared to its competitors.
Shanbin Yang, CSO at iPayLinks
Regulatory initiatives around Open Banking and PSD2 have brought within the reach a whole new playing field for financial technology companies. Building a compliant PSD2 channel is not an easy task. However, we’re excited to notice that banks, EMIs, and payment institutions began to consider open banking not simply as a PSD2 compliance matter. They see fresh and promising opportunities, and iPayLinks is not an exception. We are delighted to join iPayLinks on their mission to solve the pain points in global business expansion for cross-border enterprises, via regulatory technology. Leveraging Salt Edge’s solution, the company gets a stable service and many other possibilities beyond compliance, ensuring longevity and prosperity in the new era of open banking.
Ilia Dragan, Head of PSD2 Compliance at Salt Edge