Fintech company Salt Edge has announced its partnership with SeaPay in order to provide Saudi Arabian merchants and traders with Open Banking solutions. Following this announcement, the companies aim to provide local merchants and businesses in Saudi Arabia with secure and efficient Open Banking services, while aligning with the region’s vision for a developed business environment at the same time.

By leveraging its legacy as the Arab Sea Information System, SeaPay will provide safe digital payment products for local traders, as well as grant them access to financial data from several banks and financial institutions across the Middle East and worldwide through the usage of a single API. This is set to eliminate the need to connect with multiple banks individually, while also streamlining a safe payment procedure. The firm’s customers will benefit from an additional instant and cost-effective payment method as well.

Salt Edge will provide financial technology services to multiple sectors of the industry, such as lenders, banks, accounting firms, or businesses. Salt Edge’s recent partnerships and collaborations Salt Edge had multiple partnerships and product launches in the last couple of months, covering different geographic areas around the world. In September 2023, the Open Banking solutions provider announced that it has teamed up with Italy-based corporate finance software service Cloud Finance in order to boost business finance management.

Following this partnership, the firms were set to develop an environment where businesses and professionals were enabled to harness the full potential of Open Banking in the process of making smart financial choices. This aimed to improve the overall efficiency of the products and to fuel economic progress. Earlier in August 2023, Salt Edge collaborated with TreasurUp, a fintech firm that specialises in commercial banking tools.

According to the press release published at the time, the strategic deal was set to give the possibility of a first-rate experience in account aggregation and Open Banking compliance for EU-based and UK-based banks and financial institutions. The partnership allowed banks to achieve PSD2 compliance within strict Open Banking regulations and requirements, with minimal resources. At the same time, it focused on strengthening end-user security through the use of Salt Edge’s Mobile SCA service.

By being connected to numerous financial institutions across 50 countries, banks and financial institutions were enabled to use their clients’ instant access to account data and information, as well as to add a secure payment method in order to improve the manner in which they made informed decisions and digitalised their processes. For more information about Salt Edge, please check out their detailed profile in our dedicated, industry-specific Company Database. .