Financial data access made easier through partnership between Salt Edge and Thinslices
Thinslices, a European full-service product development company, has announced a partnership with Open Banking solutions provider Salt Edge. According to Stefan Sarbu, CEO of Thinslices, the collaboration aims to help companies build smarter financial products faster.
The partnership between Salt Edge and Thinslices is focused on streamlining Open Banking adoption, helping businesses reduce integration complexity, and unlock new payment possibilities. This partnership is particularly beneficial for industries like automotive finance and lending.
By simplifying financial data aggregation and enabling seamless account-to-account payments, the partnership facilitates faster, more efficient customer onboarding, credit assessments, and payment processing for automotive lenders and finance providers.
The key benefits of this collaboration include improved financial data access, streamlined payments, cost reduction, and enhanced customer experience. Enhanced aggregation of customer bank data allows automotive finance companies to obtain real-time, accurate financial information, reducing manual paper checks and speeding up loan approvals. Account-to-account payment capabilities enable quicker, secure transfer of funds such as down payments or loan installments, improving cash flow management for both lenders and customers.
By automating data aggregation and payments, operational costs related to underwriting and payment collection can be lowered, benefiting overall profitability. Simplified and faster financial interactions create a smoother loan application and repayment process, improving customer satisfaction and retention.
Maria Rusu, Business Development Manager at Salt Edge, mentioned that the partnership is committed to making financial data more accessible and actionable for businesses across industries. Salt Edge aggregates data from over 5,000 financial institutions across 50-plus countries.
Thinslices offers white label solutions to lower front-end development costs. The partnership allows businesses to gain "deeper" insights, automate financial workflows, and integrate secure payment methods into their digital products. This long-term partnership aims to make Open Banking more practical and scalable across industries.
According to Maria Rusu, the partnership with Thinslices will help businesses enhance their decision-making processes. Salt Edge's financial data connectivity and payment initiation capabilities are combined with Thinslices' system integration and front-end development expertise.
This collaboration aligns with prevailing industry trends of digital transformation in finance, combining fintech (Salt Edge) and digital solutions (Thinslices) to target efficiencies in finance sectors, including automotive lending. For further reading, Backbase teams up with Salt Edge to enable Open Banking compliance among banks.
The partnership between Thinslices and Salt Edge primarily focuses on enhancing Open Banking adoption, enabling businesses to build smarter financial products faster. This collaboration offers benefits such as improved data access, streamlined payments, cost reduction, and enhanced customer experience, particularly for industries like automotive finance and lending. By automating data aggregation and payments, the partnership can help lower operational costs related to underwriting and payment collection, improving profitability. Salt Edge's financial data connectivity and payment initiation capabilities are combined with Thinslices' system integration and front-end development expertise to help businesses make informed decisions. This long-term partnership aims to make Open Banking more practical and scalable across industries, aligning with the prevailing trends of digital transformation in finance. Further reading on this topic can be found in Backbase's collaboration with Salt Edge to enable Open Banking compliance among banks.