Estonian core banking platform Tuum has collaborated with fintech company Salt Edge to offer financial services providers a wide range of open banking solutions.

Under the agreement, Salt Edge’s Mobile SCA solution will help Tuum’s customers across Europe ensure compliance with Payment Services Directive 2 (PSD2) and Open Banking rules.

This, in turn, will enable them to provide improved security for end users.      

The solution will also open up access to over 5,000 banks for account information and payment initiation services.

Tuum Alliances & Partnerships global head Julien Douve said: “Open banking has been a game-changer in financial services, making products more personalised, data more secure, and access to credit faster than ever before.

“Partnering with Salt Edge was an easy choice for us, as their leading solutions enable our customers to unlock the full potential of open banking.”

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Salt Edge Business Development Iulian Mitrea said: “Here at Salt Edge, we’re thrilled to join forces with Tuum.

“Knitted by a common goal to revolutionise financial services through innovative technologies, products, business models, and most importantly, to improve the financial consumer experience by offering access to the latest technology dressed up in a digital wrapper.”

Tuum’s application programming interface (API)-based core banking platform focuses on launching new financial products across various areas including accounts, deposits, lending, payments as well as cards.

The platform caters to a diverse client base that includes incumbent banks and payment providers, while also being a gateway for EU crypto firms. Earlier this year, Tuum secured €15m in Series A investment to strengthen its product portfolio by investing in R&D.