Moldindconbank , a major financial institution in Moldova, has partnered with Open Banking solutions provider Salt Edge to comply with Moldova's PSD2 legislation. According to Salt Edge, Open Banking, originally prominent in the UK and EU markets, is now being adopted globally.

Moldova has incorporated the European Payment Service Directive (PSD2) into its legal framework through Law 209/2022, which updates the Law on Payment Services and Electronic Money No 114/2012. This legislation, issued by the National Bank of Moldova (NBM), requires banks and financial institutions to meet the new standards by February 2025. The law aims to promote innovation, competition, and efficiency in Moldova's financial sector by allowing authorised banks and fintechs to access customer and business bank data for payment facilitation and banking information services.

Moldindconbank, which holds over 20% market share and has the largest network of branches in Moldova, provides a range of financial services to individuals, businesses, and financial institutions. The partnership with Salt Edge will help Moldindconbank comply with the NBM's requirements and enable its clients to access their financial transactions through various regulated applications. Salt Edge's Open Banking Compliance solution will assist Moldindconbank in meeting local regulatory demands while enhancing its digital services.

This collaboration aims to streamline service interactions, improve security, and enhance the overall banking experience for Moldindconbank's clients. Salt Edge has been active in the Open Banking field for over a decade, providing comprehensive solutions to assist banks in meeting regulatory requirements and enhancing customer service.  In essence, their expertise will support Moldindconbank in achieving compliance with local open banking regulations and advancing its digital offerings. More information about the two entities Moldindconbank is a financial institution in Moldova offering a wide range of financial services to individuals, businesses, and financial entities.

The bank is notable for its significant role in bank card issuance, with over 1.3 million cards catering to various customer needs according to Salt Edge. As for Salt Edge, it is a financial API platform offering PSD2 and Open Banking solutions. The company enables third parties to access bank channels through a unified gateway and provides the necessary technology for banks to comply with PSD2 requirements.

Certified with ISO 27001 and licenced as an Account Information Service Provider (AISP) under PSD2, Salt Edge ensures secure and reliable connections between financial institutions and their customers. .