Italian fintech platform Switcho has teamed up with financial API platform Salt Edge to help users manage their recurring expenses, such as utility bills, and save money on these services.
Through the partnership, Salt Edge’s Account Information partner program will allow Switcho to access bank transactional data and information on the payees for each bill from more than 500 Italian banks.
By adding that information to the suppliers on the market, Switcho said it will analyse them and offer tailored deals to its users, helping to save them money on energy, gas, telephone, home and mobile internet services.
In addition, Switcho users will get a unified view of all their expenses, given that the API automatically retrieves and categorises bank account information.
“Switcho has chosen our account information for enhancing the algorithms of its ‘recommendation engine’ and we are thrilled that the merchant identification and transaction categorisation, among others, are helping the Italian users efficiently save money,” said Andrei Scutari, country manager Italy at Salt Edge.
Marco Tricarico, CEO and co-founder of Switcho, added: “In order to help people understand which provider is best for them and if it is worth switching from the current one to another, we needed a comprehensive view of their expenses.
“Salt Edge Account Information has enabled our users to automatically connect their bank accounts and have the data extracted and analysed.”
Tricarico said: “We’ve already helped people using Switcho save over €5 million and will keep on increasing their savings with the Open Banking possibilities.”
In August, Slovak P2P lending platform Žltý melon partnered with Salt Edge, giving it instant access to more than 2,500 banks across Europe.