Shanghai Commercial Bank taps Salt Edge for PSD2 compliance solution
Hong Kong-based Shanghai Commercial Bank has partnered Salt Edge to ensure PSD2 compliance for its online banking services as the firm looks to utilise open banking to provide a more personalised experience for customers.
As part of its PSD2 compliance solution, Salt Edge offers APIs, a third-party provider (TPP) developer portal, TPP verification system, client dashboard and API updates to help banks keep up to date with regulatory changes.
Salt Edge says its TPP verification system allows only regulated institutions to access Shanghai Commercial Bank’s open banking channels, “keeping the personal accounts of its clients always protected”.
Through the partnership, the bank says it will be able to offer customers a secure connection to external apps, “allowing them to stay abreast of their financial position in their preferred channels, whether on the go or in the comfort of their homes, stepping beyond traditional banking”.
Jerome Goh, EVP and general manager of the London branch of Shanghai Commercial Bank, says the partnership with Salt Edge will help the bank personalise its customer experiences and facilitate business growth.
Salt Edge is integrated with more than 5,000 financial institutions in over 50 countries. In October, financial super-app Curve also partnered the firm for its open banking compliance solution.