Financial super-app Curve has formed a compliance and regulatory partnership with financial API platform Salt Edge.
Curve, which combines all debit, credit, and loyalty cards into one, wanted to find a partner so it can meet the Open Banking compliance and regulatory requirements of both the European Banking Authority (EBA) and the Bank of Lithuania (BoL).
“This partnership with Salt Edge is the latest step in ensuring that we continue to fulfil our obligations under the PSD2 regulation,” said Mantas Šlepetys, head of Curve Europe at Curve.
“Salt Edge has brought together an industry-leading team in this area with a strong reputation for best-in-class service. We are delighted to be working with them as part of this collaboration.”
Salt Edge’s PSD2 solution includes a set of APIs, a third party provider (TPP) access verification system, a strong customer authentication app and a consent management system.
Back in November last year, Icelandic bank Landsbankinn chose Salt Edge to become compliant with PSD2, after the new Act on Payment Services, which transposed the European PSD2 into Icelandic law, entered into force on 1 November 2021.
Ilia Dragan, chief product officer at Salt Edge, added: “We were excited that Curve – a super app that successfully empowers 4 million users to manage their finances smarter – chose us as their partner when they were looking for a future-proof and quick way of leveraging the PSD2 capabilities.
“The goal of our collaboration was to ensure full PSD2 compliance, while Curve can truly embrace the Open Banking potential for their customers.”
In June this year, Curve began offering variable recurring payment (VRP) options, powered by European Open Banking platform TrueLayer, following the UK’s Competition and Markets Authority decision to mandate the nine largest banks to provide VRPs, with an implementation deadline of July 2022.
Curve customers will be able to make purchases via instant bank transfer using the Curve ‘all-in-one’ card and will be able to set up a recurring payment mandate for future purchases.