ConnectPay, an electronic money institution based in Lithuania, has tapped Salt Edge, a leading Open Banking solutions provider based in London, to improve the payments experience in Germany and the Netherlands. Salt Edge announced the development today.
ConnectPay is a
fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm whose branches are spread in the European Union. Therefore, its collaboration with Salt Edge complements the company’s strategic goal to implement Open Banking payments. The company seeks to enhance user experience and has been looking for a partner that could help integrate multiple APIs of banks across the Netherlands and Germany.
Salt Edge’s expertise will help ConnectPay to deploy new open banking solutions into its platform as the technical documentation differs depending on each bank, and more resources are required for analysis and development if all done in-house.
Salt Edge Payment Initiation solution will enable ConnectPay to integrate with a list of all required financial institutions and provide merchant services based on Open Banking in Germany and the Netherlands. Salt Edge’s role will continue to be important as ConnectPay aims to constantly widen the list of its supported countries.
Marius Galdikas, the CEO at ConnectPay, stated: “Collaborations and partnerships drive the fintech industry forward. Salt Edge lived up to our expectations and offered a one-size-fits-all solution to reach the most popular financial institutions in Germany and the Netherlands, rather than integrating them one by one. Combining the strengths of Salt Edge and ConnectPay will enable us to offer high-quality merchant services to our e-commerce customers.”
Meanwhile, Vasile Valcov, the Vice President at Salt Edge, added: “We are excited to join hands with ConnectPay, a company dedicated to providing the most innovative solutions and seamless user experience to merchants through open banking technologies. Our solution provides ConnectPay access to major banks in Germany and the Netherlands with a single connection and enables them to offer high-quality merchant service to their customers.”
Paving the Way for Businesses to Leverage Open Banking
Salt Edge has continued to leverage its open banking solutions to bring opportunities that become real game-changers for various businesses. In March 2020, Billingo, a Hungarian online invoicer, selected Salt Edge to enable it to expand its billing services offering based on bank data aggregation. In September last year, Western Union selected Salt Edge to enable it to create a new banking experience associated with digital multi-currency customer bank accounts. In November last year, Landsbankinn, a major bank in Iceland, selected Salt Edge to enable it to comply with Icelandic law on the PSD2 legislation. The law came into effect and now authorizes banks and fintechs to access customer and business bank accounts to initiate
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term and provide banking data-related services. Landsbankinn, therefore, leveraged Salt Edge’s PSD2 Compliance Solution to enable it to provide its customers with the possibility to view their bank accounts in apps and websites external to the bank as well as use such services to make transfers from their accounts.
ConnectPay, an electronic money institution based in Lithuania, has tapped Salt Edge, a leading Open Banking solutions provider based in London, to improve the payments experience in Germany and the Netherlands. Salt Edge announced the development today.
ConnectPay is a
fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm whose branches are spread in the European Union. Therefore, its collaboration with Salt Edge complements the company’s strategic goal to implement Open Banking payments. The company seeks to enhance user experience and has been looking for a partner that could help integrate multiple APIs of banks across the Netherlands and Germany.
Salt Edge’s expertise will help ConnectPay to deploy new open banking solutions into its platform as the technical documentation differs depending on each bank, and more resources are required for analysis and development if all done in-house.
Salt Edge Payment Initiation solution will enable ConnectPay to integrate with a list of all required financial institutions and provide merchant services based on Open Banking in Germany and the Netherlands. Salt Edge’s role will continue to be important as ConnectPay aims to constantly widen the list of its supported countries.
Marius Galdikas, the CEO at ConnectPay, stated: “Collaborations and partnerships drive the fintech industry forward. Salt Edge lived up to our expectations and offered a one-size-fits-all solution to reach the most popular financial institutions in Germany and the Netherlands, rather than integrating them one by one. Combining the strengths of Salt Edge and ConnectPay will enable us to offer high-quality merchant services to our e-commerce customers.”
Meanwhile, Vasile Valcov, the Vice President at Salt Edge, added: “We are excited to join hands with ConnectPay, a company dedicated to providing the most innovative solutions and seamless user experience to merchants through open banking technologies. Our solution provides ConnectPay access to major banks in Germany and the Netherlands with a single connection and enables them to offer high-quality merchant service to their customers.”
Paving the Way for Businesses to Leverage Open Banking
Salt Edge has continued to leverage its open banking solutions to bring opportunities that become real game-changers for various businesses. In March 2020, Billingo, a Hungarian online invoicer, selected Salt Edge to enable it to expand its billing services offering based on bank data aggregation. In September last year, Western Union selected Salt Edge to enable it to create a new banking experience associated with digital multi-currency customer bank accounts. In November last year, Landsbankinn, a major bank in Iceland, selected Salt Edge to enable it to comply with Icelandic law on the PSD2 legislation. The law came into effect and now authorizes banks and fintechs to access customer and business bank accounts to initiate
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term and provide banking data-related services. Landsbankinn, therefore, leveraged Salt Edge’s PSD2 Compliance Solution to enable it to provide its customers with the possibility to view their bank accounts in apps and websites external to the bank as well as use such services to make transfers from their accounts.
Source: https://www.financemagnates.com/fintech/connectpay-selects-salt-edge-to-provide-seamless-open-banking-payments-experience/