Salt Edge release new API in consideration of PSD2

Fintech intercommunication and interoperability specialists Salt Edge has announced the release of a new version of its unified Open Banking Account Information API.

‘API v5’ comes with a new consent management system and others changes that aim to “ease the way how financial institutions interact with the platform.”

The new consent management system enables financial institutions that use the Salt Edge system can create, revoke, and monitor the expiry of the consents granted by their end-users.

The company stated that the system also has a detailed view of each consent: the expiry date, the scope of consent (e.g access account holder information, account details, transaction history), the period of validity and reason of consent revocation.

Perhaps most importantly, the consent management system is fully compliant with PSD2 and RTS requirements.

“Consent is the leitmotiv of PSD2, therefore we went above and beyond to make it super easy for financial institutions to monitor consents of their customers,” said Dmitrii Barbasura, CEO at Salt Edge.

During the lifecycle of API v5, a set of new scopes of consents will be added and handled via Consent Management System. These will be consents for obtaining payment details, credit card statements, information about product offers, and others.

Furthermore, Salt Edge revealed the data enrichment services that it has developed previously are now available via one unified end-point.

Salt Edge say it will be adding other new services like financial health check API, expense report, payee verification to the data enrichment portfolio so that clients can have a “complete picture of their end-customers’ financial situation.”

Barbasura added: “Over time, we managed to develop a very good understanding and ability to anticipate our clients’ needs and transpose their high expectations into a new version of Salt Edge API.

“Also, by meticulously studying the PSD2, RTS, GDPR, and local legislations such as PSR2017 and consulting with different European regulatory bodies, we have built Open Banking Gateway state of the art services.”