Western Union taps Salt Edge for European digital bank pilot

Cross-border payments giant Western Union has partnered with open banking fintech Salt Edge to ensure its upcoming multi-currency bank account pilot complies with EU open banking regulations.

Salt Edge is a financial API platform offering PSD2 and open banking solutions

The partnership will see Western Union integrate Salt Edge’s PSD2 Compliance Solution as it looks to enter the digital banking space in Europe.

The pilot service falls under the remit of the EU’s open banking PSD2 Directive, which aims to make payments safer, foster innovation and help banking services adapt to new technologies.

Western Union’s chief data officer Thomas Mazzaferro says: “With plans underway to launch a Western Union digital bank pilot in Europe, being PSD2 compliant is critical to our success and enabling our products.

“It will allow us to offer customers a superior experience as we look to expand our service portfolio.”

Salt Edge says that its software will make the digital bank more secure and allow third-party providers to access its developer portal and the PSD2 APIs in accordance with EU law.

Dmitrii Barbasura, CEO at Salt Edge, adds: “Ever since PSD2’s adoption, we at Salt Edge have been encouraging and helping companies take a positive and constructive approach to the directive and see it as a big-time opportunity rather than a compliance hardship.”