Combined with a PSD2 Account Information API developed earlier this year, this fully operational Open Banking payment infrastructure comes as a complex answer to all the questions the revised Payment Service Directive (PSD2) has raised, thus dubbing Salt Edge as a pioneer of the Open Banking age.
With more and more EU banks completing the inevitable process of opening up their data to third parties, an Open Banking payment hub becomes a logical necessity.
So in response to the market demands, the fintech firm Salt Edge has set up an Open Banking payment infrastructure, which is now available for testing.
As of today, any third party provider (TPP) can log into Salt Edge system and simulate the entire payment process from A to Z free of charge. Equipped with all 4 authorization types applicable under PSD2 – redirect/OAuth, embedded, decoupled, app2app – the Open Banking payment hub allows users to perform one-time payments, scheduled and future-dated, as well as bulk payments.
In case the TPPs decide to go live, a PISP (Payment Initiation Service Provider) license is all they need to start the integration straight away.
Open Banking Limited, The Berliner Group (Open Banking Project), and STET are the first standards or, to be more explicit, the meeting points between banks and TPPs to be “conquered” by Salt Edge Payment Initiation API. The payment platform is also connected to custom PSD2 APIs in Latvia, Lithuania, Estonia, Sweden, Finland, Czech Republic, Austria, and Spain.
Needless to say, Salt Edge is capable to connect PISPs to any PSD2 compliant bank upon request.