AISP licensed: Salt Edge obtained FCA registration
By Salt Edge, 3 April 2019
Salt Edge got registered by the FCA as an Account Information Service Provider (AISP) to offer access to financial data in compliance with PSD2/Open Banking in the pan-European space.
On March 25, Salt Edge Limited received its AISP licence from the UK’s Financial Conduct Authority (FCA). Salt Edge has been successfully providing account data aggregation services for the past 6 years and will continue doing so in the PSD2 era with the help of the AISP licence. This licence also covers Fentury – the personal financial management application developed by Salt Edge to combine end-customers’ financial needs such as managing all accounts from a single place, setting saving goals, providing detailed reports and insightful advice, and other useful features.
“We went through a very strict evaluation process with the FCA including but not limited to the assessment of our security frameworks and data protection measures. It was important that we had been taking PSD2 compliance very seriously during this intense evaluation. Being approved by the FCA is proof of quality and recognition of our efforts in this direction,” said Dmitry Tsap, Head of Infrastructure and Security Department at Salt Edge.
As part of the recent release of its Open Banking API v5, Salt Edge is building an innovative Solution for lenders that allows them to have access to financial account data, with end-customer explicit consent, for improved credit decision making. Using Salt Edge Solution, lenders will be able to piggyback on the Salt Edge AISP licence through the use of Open Banking channels and data. And this is just a part of the set of services to be designed for lenders thanks to the received licence. Salt Edge dashboard will allow end-users to view their consolidated financial account data and provide access to such data to their lending companies. The consent management features available in the dashboard will make it easy for end-users to view and, if needed, revoke any granted consents for lenders.
“Receiving an AISP licence will help us take better advantage of the Open Banking opportunities on the European landscape as we strive for excellence in everything we do. This process required some serious investment and preparation, but it was worth implementing. We adapt and evolve with the market, often predicting its needs, so it was important for Salt Edge to get the AISP liсence and continue providing our clients with a large range of Open Banking services,” commented Dmitrii Barbasura, CEO at Salt Edge.
The core goal of Salt Edge is to unite different financial players under one roof of Open Banking, offering them seamless ways to interact with each other. Getting the AISP licence is another step towards building better experience and deeper integration for the benefit of financial institutions and their end-customer.