Open banking provides financial institutions open naccess to customer data through APIs. Credit: Joshua Sortino on Unsplash.

Adastra and PaymentComponents have forged an alliance to offer open banking and payments solutions in the US and Canada.

The partnership will expand Adastra’s offerings to include PaymentComponents’ products such as open banking management solution aplonAPI, account aggregator UNUapi and account payment solution aplonHUB.

Adastra stated that the financial institutions in the region can leverage their open banking and payment solutions to enhance capabilities and better serve clients.

aplonAPI includes application programming interfaces (APIs) that allow banks and financial Institutions to become PSD2 compliant and offer open banking services.

Edery Adastra North America president Darren said: “We are excited to work closely with PaymentComponents to continue to bring innovative solutions to the fintech sector, in ways that will streamline the functionality and integrations of banks’ core systems.”

“The routing and scheduling features being implemented with the solutions implemented with PaymentComponents are designed to simplify our clients’ operations while adding control to their payment processes.”

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PaymentComponents CEO Sotiris Nossis said: “Collaborating with a tech pioneer such as Adastra allows us to boost our position as a comprehensive fintech solutions provider in the region. The combined strengths from Adastra and PaymentComponents will offer customers exclusive solutions that they can take to market effectively.”

Financial institutions across the globe are rapidly adopting open banking, which provides financial institutions open access to customer data through APIs.

Earlier this week, finleap and independent open banking platform finleap connect partnered with Batelco, to offer open banking services in the Middle East & North Africa (MENA) region.

Around the same time, Žltý melon, a Slovakia-based P2P lending platform, joined forces with Canadian tech firm Salt Edge for open banking-enabled lending.