British consulting giant PricewaterhouseCoopers (PwC) has picked Salt Edge, an open banking solutions provider, to join its Digital Ecosystem Banking initiative.
The initiative is aimed at equipping banks with next-generation agility, enable them to enhance customer experience, and integrate them with external ecosystems.
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PwC developed a demonstration digital bank leveraging the concepts of Opening Banking.
The consulting firm said to have successfully integrated a number of fintechs using SaaS API.
Through this alliance, PwC and Salt Edge will assist businesses to deploy the latest open banking platform.
The data aggregation technology of Salt Edge automatically structures and categorises bank data fetched through Open banking channels.
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By GlobalDataThe structured data is used for tracking, budgeting, payment and planning purposes.
As per the agreement, Salt Edge’s personal finance management (PFM) app is now part of PwC’s Digital Ecosystem Banking.
The PFM app allows users to manage their finances holistically by linking bank and e-wallet accounts.
Salt Edge business development head Lisa Gutu said: “It is easy to become the winner in the open banking marathon if you join the right team.
“Collaborating with PwC contributes to Salt Edge’s goal of creating a pan-European open banking platform to equip banks and other financial institutions with solutions that truly help their business.”
Furthermore, Salt Edge and PwC are also contributing towards mortgage application flow in which a user can connect his/her bank account, including mortgage ones, to optimise the mortgage repayment process.
PwC financial services technology consulting director Mike Kennelly said: “We are now seeing a significant move past regulatory compliance towards helping our Clients to leverage growth opportunities on the open banking platform.
“We consider Salt Edge as a key and innovative partner to help our clients realise the potential of open banking.”
In September last year, Salt Edge launched its open banking platform to give companies access to open banking channels in a compliant way.
Last April, Salt Edge secured AISP licence from the UK’s Financial Conduct Authority (FCA) for enabling the launch of the open banking platform.
