Salt Edge and TreasurUp - Open Banking and Cash Visibility for Banks

Posts
August 24, 2023

Salt Edge and TreasurUp are excited to announce a new partnership. The partnership between TreasurUp and Salt Edge is a perfect match because it brings together two companies that operate in the same market, yet with complementary strengths.

Salt Edge’s expertise in Open Banking and TreasurUp’s expertise in online Commercial Banking allows the delivery of solutions that are truly transformative for banks.

Both companies share a common goal to help banks thrive. The companies are committed to providing cutting-edge solutions powered by open banking and innovative treasury management that help banks improve their offering to their business clients.

About Salt Edge

Salt Edge is a global financial API platform with PSD2 and Open Banking solutions for every business. The company has two main vectors of activity: developing the technology necessary for banks and EMIs to become compliant with the strict open banking requirements, and also enabling them to access other bank channels via a unified gateway. 

ISO 27001 certified and Open Banking licensed, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5,000+ financial institutions in 50+ countries. Salt Edge has been named a Strong Performer in The Forrester Wave™: Open Banking Intermediaries, 2023 Report.

Iulian Mitrea, Business Development Manager at Salt Edge:We are delighted to partner with TreasurUp to help banks benefit from the power of Open Banking. TreasurUp’s expertise in Commercial Banking will be invaluable in helping us deliver a solution that is truly tailored to the needs of banks and their SMB clients.

A screenshot of a quote from Iulian Mitrea, a spokesperson from Salt Edge, sharing insights about their partnership with TreasurUp.

About TreasurUp 

TreasurUp is a Dutch FinTech company that helps banks reshape their online Commercial Banking offering with solutions designed by corporate treasurers that are continuously improved based on feedback. These solutions are designed to help business clients of banks manage their risks (including foreign exchange and trade credit insurance) and improve Cross-Border Payments, Cash Visibility, and Cash Flow Forecasting. 

TreasurUp has identified the gaps between what controllers, treasurers, and CFOs of companies aim to achieve with day-to-day finance operations and what banks have been offering per product line. TreasurUp helps banks break the barriers between business lines and deliver integrated product solutions on multiple channels using the latest technology.

Philip Costa Hibberd, Product Manager at TreasurUp: “We are excited to partner with Salt Edge to bring the power of Open Banking and Cash Visibility to company clients of banks. Salt Edge has an impressive track record in guiding banks in the development of the technology they need to become champions of Open Banking. TreasurUp on the other hand specializes in helping banks translate the Open Banking technology foundation  into solutions that help companies make better decisions about their finances and improve their bottom line in an easy and self-service manner.”

A screenshot of a quote from Philip Costa Hibberd, representing TreasurUp, discussing their partnership with Salt Edge

Open Banking and Salt Edge

Open Banking is the technology and regulatory framework that allows third-party financial service providers to access customers’ bank data with their consent. This allows businesses to access real-time financial data from their banks, which they can then use to make better decisions about their finances.

Salt Edge is a financial API platform that both builds APIs for banks and also provides them with access to thousands of APIs in more than 50 countries.

Open Banking Compliance helps banks and EMIs become compliant with PSD2 and Open Banking requirements with minimal resources. It has several components, including a set of APIs, consent management, TPP dedicated environment, assistance in obtaining a regulatory exemption, and two stand alone services:

  1. TPP Verification: a dedicated environment that is meant to help third parties have a seamless integration and interaction with the PSD2 channels, as required by the regulation. 
  2. Mobile SCA: meets the strong customer authentication and dynamic linking requirements aimed to make online payments safer and increase customer protection. 

Open Banking Gateway enables secure and controlled access to accounts and empowers businesses to make informed decisions and digitalise their processes. 

  1. Account Information: A solution that allows banks and other businesses to provide customers with a single view of their financial accounts from 5,000 banks.
  1. Payment Initiation: Through this, a bank can enable its business customers to initiate payments directly from their bank accounts.
  2. Data Enrichment: A set of APIs that transform raw data into actionable insights powered by machine learning. It allows businesses to add value to their financial data by enriching it with additional information, such as transaction categorization, financial insights, and merchant identification.
Cash Visibility and  TreasurUp

Cash Visibility is the ability to accurately monitor and manage cash positions and movements in (near) real-time across multiple accounts, currencies, and locations. Cash Visibility is the foundation of any Treasury process as it allows for informed decision-making, risk management, and efficient financial planning.

TreasurUp’s Cash Visibility solution offers a comprehensive view of currently available cash levels held at multiple banks. It provides graphical and numerical insights into account balances and historical balances, as well as the ability to add bank accounts from other banks using Open Banking aggregators.

The solution also allows users to view Cash Visibility insights per account, legal entity, bank, currency, individual transaction, etc. Additionally, transactions are automatically categorized based on an algorithm, and categories can be changed by the user.

Here are some of the key features of TreasurUp’s Cash Visibility solution:

  1. Comprehensive information on account balances: providing a comprehensive dashboard with an overview of aggregated/consolidated account balances per currency. It also breaks down account balances per currency in a clickable pie chart.
  2. Ability to see the effect of exchange rate fluctuations: it allows users to see the impact of exchange rate volatility on their cash positions. Users can “apply shock” scenarios whereby the value of the current cash positions is recalculated based on scenarios for various exchange rate changes.
  3. Balance History Views: Provide a graphical and tabular view of account balance history. Users can view balance history per day/week/month/quarter and filter by entity and cash flow category.
  4. Cash Flow Views: providing a visual and numerical view of total receipts and total payments. Users can filter by entity and cash flow category.
  5. Transaction View and Auto-Categorization: it shows a detailed view of individual transactions. Transactions are automatically categorized based on an algorithm, and categories can be changed by the user.

TreasurUp’s Cash Visibility solution is offered as a white-labeled online service to banks and can be fully integrated into their existing Commercial Banking portal. 

Why are Salt Edge and TreasurUp a perfect match?

TreasurUp and Salt Edge are a perfect match because they share a common goal: to help banks be more competitive and succeed. Both companies are committed to providing innovative solutions that help bank business clients manage their finances more effectively, along with open banking integration.

We are excited to announce this new partnership with Salt Edge. We believe that this partnership will be a game-changer for banks, and we look forward to working together to help banks and their business clients succeed.

To learn more about the partnership, Open Banking or Cash Visibility please contact us via our website.