Moldova’s Victoriabank has partnered with Salt Edge to comply with national law transposing the European PSD2, enhancing Open Banking services and financial innovation. There has been an increase in interest among Moldovan banks in aligning with PSD2 standards.

Financial institutions nationwide are actively taking steps to ensure compliance with Law 209/2022, set for release in February 2025. The growing trend underscores the commitment of Moldovan banks to modernise services and stay at the forefront of financial innovation in line with European regulations. This reflects their commitment to sustaining security, transparency, and empowering customers in a modern financial space.

One such institution is Victoriabank—one of Moldova’s prominent banks, with a history spanning nearly 35 years. Victoriabank became part of the Romanian Financial Group, Banca Transilvania, in 2018. Since then, the bank has embarked on a mission to digitally transform its services, with innovation taking centre stage.

Now, Victoriabank offers its over 300,000 customers, both individuals and companies, full access to its 100% online services, including card issuance/re-issuance, KYC updates, credit applications, and quick transfers via T2A. Pioneering Open Banking in Moldova As a stable pillar in the country’s financial system, with a strong commitment to innovation and transparency, it was a natural decision for the bank to embark on the Open Banking journey. By adhering to the National Bank of Moldova’s (NBM) requirements, the local financial sector regulator, Victoriabank not only meets regulatory standards but also unlocks new opportunities for innovation and personalisation of services through Open Banking, thereby further strengthening its relationship with customers.

Officials from Victoriabank said that through their partnership with Salt Edge, they are implementing Open Banking to give their customers enhanced control over their finances within a secure and efficient platform. This collaboration not only elevates the user experience and transforms their operations, but also reaffirms Victoriabank’s position in financial innovation in the Republic of Moldova. By entrusting Salt Edge with the technical and regulatory complexities of Open Banking, Victoriabank is set to achieve compliance with the new law in record time.

Through Salt Edge’s full-stack Open Banking Compliance solution, Victoriabank’s clients will gain a comprehensive overview of their finances, accessible through any regulated app of their choice. Representatives from Salt Edge said they’ve witnessed the transformative impact of PSD2 on the European financial ecosystem, and are confident that Moldova will reap similar benefits, driving innovation and enhancing financial services. As global experts in Open Banking standards, they’re eager to work together with Victoriabank to pioneer Open Banking in Moldova and contribute to its financial evolution.

Such partnerships are crucial in advancing the financial sector, ensuring regulatory compliance, and fostering a more dynamic and customer-centric banking environment. Source: Link .