Moldindconbank taps Salt Edge for PSD2 compliance in Moldova
Moldindconbank has selected the Canadian open banking platform Salt Edge to bolster its compliance with the European Payment Services Directive (PSD2) in Moldova.
Moldindconbank partners with Salt Edge for PSD2 compliance
As one of the country’s largest full-service banks, Moldindconbank is to leverage the vendor’s open banking compliance solution to facilitate secure, regulated access to customers’ financial data alongside the integration of services by third-party providers (TPPs).
Launched by Salt Edge in October 2018, the Software-as-a-Service (SaaS) solution is fitted with a suite of account information, payment initiation, and payment instrument issuer service provider APIs, as well as tools for TPP verification and management, regulatory reporting, and mobile strong consumer authentication (SCA).
The bank’s embrace of the solution comes almost two years after the National Bank of Moldova (NBM) integrated PSD2 into its legal framework, setting a mandate for the country’s financial institutions to comply with the directive by February 2025. The move seeks to enable banks and fintechs with authorised access to customer and business bank data as a means to facilitate payments and banking information-related services.
With this, the bank predicts that the integration will enable it to “swiftly meet the NBM’s requirements and empower its clients to access a comprehensive overview of their financial transactions through any regulated app of their choice”.
“Harnessing Salt Edge’s international expertise in regulatory compliance allows Moldindconbank to quickly comply with local open banking requirements while elevating our digital solutions, furthering our dedication to providing top-notch services to our clients,” comments Mihail Iovu, deputy chairman of the managing board at Moldindconbank.
Elsewhere, the solution has also been tapped by the likes of Landsbankinn in Iceland, financial super-app Curve, and Shanghai Commercial Bank in Hong Kong, among others.
