Salt Edge Takes a Firm Stand on Data Security in Open Banking
The following is a statement on open banking’s safety from Salt Edge – a pioneer in providing open banking solutions.
Open banking is literally opening up the access to data that once used to be inaccessible. Since there were no powerful informational campaigns on the perks of open banking and the security it provides to end-users, people aren’t fully understanding how safe it is for them to open-up access to their accounts for enjoying the useful services provided by third-parties. Dmitrii Barbasura, Salt Edge CEO and Co-founder, shares his thoughts on the advantages and the real level of safety for end-users when using open banking.
“Open banking isn’t a new phenomenon. There’ve been similar services based on data sharing up until now. The difference is that it is safer than ever now, under open banking regulations”, says Dmitrii Barbasura.
“The number 1 rule for third-party providers refers to data security. Being accepted to the open banking framework is challenging: every party must implement and prove the existence of the utmost standards of physical security, software tools, and security policies.”
Here are a few reasons why open banking is safe:
- It uses application programming interfaces (APIs) to deliver fast and secure data transfer or to safely initiate payments.
- Account access happens only upon user’s explicit consent.
- Users have full control over the process due to SCA.
“We at Salt Edge have a very strong security awareness culture within the organisation. An ever-expanding number of leading FinTechs, banks, and other financial institutions trust us to deliver Account Information, Payment Initiation, PSD2 Compliance solutions, and others. For us, open banking participants, getting data protection wrong brings commercial, reputational, regulatory, and legal penalties. Getting it right brings rewards in terms of client trust and confidence.” concludes Dmitrii Barbasura.
Read the full article on why open banking is safe on https://blog.saltedge.com/data-security-in-open-banking/ .
About Salt Edge
Salt Edge, a financial API platform with PSD2 and open banking solutions integrated with 5000+ financial institutions in 50+ countries, focuses on enabling third-parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO-27001 certified, AISP-licensed under PSD2, it employs the highest security standards.
More information : www.saltedge.com
About Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
CT-NEL-HYDROGEN/OVAKO26.11.2021 20:47:07 CET | Press release
Nel ASA: Receives Purchase Order for 20MW Alkaline Electrolyser From Ovako
CA-METAGOOD26.11.2021 18:18:04 CET | Press release
'Afghan Girl' Sharbat Gula Safely Evacuated to Italy Via Efforts of Photographer Steve McCurry, Metagood/OnChainMonkey Crypto Community & Future Brilliance Charity
SHENZHEN-WOODY-VAPES26.11.2021 16:47:04 CET | Press release
ZOVOO Held Distributor Conference, Creating a Splash of Colour in Atomization Industry
QUANDOO26.11.2021 15:23:06 CET | Press release
Indeed and Quandoo Announce Partnership to Support the Restaurant Industry Hiring Crisis
TRUSTECH26.11.2021 10:36:11 CET | Press release
The Leading Event for Payment, Identification and Security Professionals, TRUSTECH will present all the Latest trends in the sector
VIFOR-PHARMA26.11.2021 07:02:06 CET | Press release
Vifor Pharma supports Iron Deficiency Day 2021: Call to action for early iron deficiency diagnosis
LIGHTCON26.11.2021 03:02:09 CET | Press release
LightCON Unveils Global Teaser Site for New Mobile Game 'Rise of Stars (ROS)'
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom