Salt Edge, a pioneer in open banking, has teamed up with Western Union, a global leader in cross-border, cross-currency money movement and payments, to integrate its solution into the latter’s multi-currency bank account pilot in Europe. Backed up by PSD2 compliance, Salt Edge’s solution will enable Western Union to extend the relationship with its customers, and create a new banking experience.
Becoming compliant with PSD2 means much more than fulfilling legal requirements. By turning to Salt Edge’s PSD2 Compliance Solution, Western Union is leveraging PSD2 possibilities for its customers, making the innovation more secure and allowing regulatory verified TPPs to access the developer portal and the PSD2 APIs in accordance with legal requirements. In the end, the final user enjoys an upgraded customer experience, using the new multi-currency bank account service.
“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,” said Thomas Mazzaferro, Chief Data Officer for Western Union. “It will enable us to offer customers a superior experience as we look to expand our service portfolio. Our collaboration with Salt Edge will allow us to meet these goals, based on the team’s focus on innovation and agility, and great experience in providing market-leading solutions,” he concluded.
Western Union today has one of the biggest financial networks in the world, connecting millions of consumers to their families and loved ones, as well as to the world economy, across more than 200 countries and territories and in over 130 currencies. The company’s global account payout capabilities are available in over 125 countries with real-time capabilities in approximately 100 countries. Over 60% of Western Union’s global account payout transaction volume is delivered in real-time.
“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,” commented Dmitrii Barbasura, CEO at Salt Edge. “Western Union has had this approach from the very beginning of our collaboration, focusing all of its efforts onto the end consumer and the way they’ll be enjoying the new services. We are honoured to be contributing to this by integrating our PSD2 Compliance Solution and helping Western Union create all those new opportunities for its consumers.”