Accounting software company FreshBooks has teamed with open banking technology provider Salt Edge to help their expanding European Union customer base handle finance workflows in a simpler fashion, according to a Tuesday (March 2) announcement.
“We are excited to join hands with FreshBooks, having a similar vision for how cutting-edge open banking technology can be used to transform businesses and simplify key processes for clients…” Lisa Gutu, head of Business Development at Salt Edge, said in the announcement.
Fresh Books helps those who own companies grow throughout Europe simpler by allowing them to work faster, while making sure that their financial records are organized and correct, with the help of Salt Edge’s data aggregation platform, the announcement stated.
Salt Edge is connected with more than 5,000 financial institutions (FIs) in over 50 nations, according to the announcement, while FreshBooks has assisted over 24 million individuals handle billions of dollars via its invoicing, expense management, time-tracking and digital payment functionalities.
Nikhil Aggarwal, director of Product at FreshBooks, said in the announcement that the most value created by the company’s tie-up with Salt Edge is that its clients save a lot of time by linking their bank and credit accounts to Fresh Books since their bank transactions are imported automatically without manually typing in information.
Aggarwal said in the announcement that Salt Edge is “PSD2 licensed and it covers all countries and many financial institutions in the EU.”
Salt Edge Vice President Vasile Valcov previously spoke with PYMNTS regarding the increasing challenge of organizations operating internationally with different bank accounts in addition to the possible use cases for open banking that are on the path to receiving broad traction.
With open banking systems making their way beyond the consumer finance sphere and into the corporate banking market, new use cases are coming from the legislation that opens bank account data and provides FinTechs with opportunities for new features through more in-depth data integrations.
A new reality for the banking landscape comes to surface as innovators look into a new way to harness open banking to bolster financial offerings for small- to medium-sized businesses (SMBs) and corporates: Open banking remains in its nascent phases of adoption.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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