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Banks get exempted from providing PSD2 fallback channel with Salt Edge’s solution
Salt Edge, a leader in developing open banking solutions, helps banks and eWallets become PSD2 compliant in no time and get exempted by the national regulator from providing a fallback channel.
Open banking creates new rules on what banks can do with the data they hold. Following the PSD2 requirements, European banks build and open their APIs to third party providers (TPPs). They also need to provide a contingency mechanism that TPPs can use in case the API does not work as expected. Yet, banks with properly developed and implemented APIs can get an exemption from providing such a mechanism, upon permission from the national regulator (Article 33(6) from RTS).
There are several factors that the national regulator takes into account when analysing the API’s quality such as user experience, availability, security and service provisioning. The bank should guarantee high API availability and performance, including out of hours API support, monitoring and maintenance; provide daily statistics and the results of stress tests; describe the authentication procedures supported by the API and prove that they do not create any obstacles for provisioning third party services. Banks should allow their customers to connect their accounts to third party applications for account information and payment initiation. Meeting these and many other requirements, and communicating with the regulator takes time and a lot of resources. However, this is a task that can be achieved as proved by GTBank, a client of Salt Edge, that obtained the exemption upon evidence of high-quality API.
As Salt Edge is specialized in both consuming and building PSD2 compliant APIs, this experience helped in developing GTBank’s API to both be compliant with all regulatory requirements and serve TPPs in the best way. Upon 3 months of being successfully tested, GTBank got exempted by the UK’s FCA from providing a fallback channel. The exemption saves the bank significant investment and resources for creating a contingency mechanism. It was granted as a result of active communication and intensive collaborative approach between GTBank and Salt Edge.
“With Salt Edge’s solution any bank or eWallet can comply with the PSD2 regulation quickly and efficiently, including getting an exemption from providing a fallback channel. This means they can concentrate on differentiating themselves on the market with improved customer experience: opening doors for both AISPs and PISPs, and develop open banking products that assist in making better financial decisions”.
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"We've spent years building institutional-quality infrastructure to serve the world's most sophisticated investors. Now, we're extending that edge to individuals," said Mike Novogratz, Founder and CEO of Galaxy. "Importantly, GalaxyOne advances our mission of becoming a full-spectrum financial services provider that builds trusted, regulated, and accessible products for all market segments."
GalaxyOne, which is available on mobile (iOS and Android) and online in the U.S., launches with four core products:
- Galaxy Premium Yield 2: Earn 8.00% APY through an investment note issued by Galaxy Digital LP, a subsidiary of Galaxy Digital Inc. and available exclusively to U.S. accredited investors on GalaxyOne. Yield is generated by Galaxy's institutional lending business, active since 2018. Each investment requires a $25,000 minimum and is capped at $1 million per investor with an initial $250 million total investment cap. Interest accrues daily and is paid monthly into the GalaxyOne Cash account.
- GalaxyOne Cash 3: Earn 4.00% APY in a high-yield cash deposit account FDIC insured up to $250,000. Banking services are provided by Cross River Bank, member FDIC.
- GalaxyOne Crypto: Buy, trade, hold and transfer major blue-chip digital assets, including bitcoin (BTC), ethereum (ETH), and solana (SOL). Transparent pricing, recurring purchases and real-time execution are available on the platform.
- GalaxyOne Brokerage: Access commission-free trading of more than 2,000 U.S stocks and ETFs in individual brokerage accounts. Retirement accounts (traditional and Roth IRAs) are also available. Fractional share trading is available with a $10 minimum per trade. Clients have the option to earn passive income by lending their eligible stocks through the GalaxyOne Stock Lending program4.
GalaxyOne was originally developed under the name Fierce, which Galaxy acquired in 2024. The platform is led by Zac Prince, Managing Director at Galaxy, alongside the original development team. Fierce's former CEO, Rob Cornish, will continue to support the platform's operations as Chief Technology Officer of Galaxy. GalaxyOne sits alongside GalaxyOne Institutional as part of a unified suite of products, each tailored to client needs, but both built to Galaxy's institutional standards of security, scale, and risk management.
"As technology reshapes how people invest, expectations are clear: more yield, easier access from a single platform, and opportunities that extend beyond traditional boundaries," said Mr. Prince. "GalaxyOne delivers exactly that: a unified opportunity to earn yield on cash, trade crypto, and access U.S. equities, all supported by Galaxy's financial discipline, institutional oversight, and professional team trusted by some of the world's most sophisticated institutions. We have an exciting roadmap ahead and are excited to deliver a differentiated financial experience to our clients. This is just the beginning."
To sign up and learn more about GalaxyOne, please visit: https://one.galaxy.app/sign-up
EXCLUSIVE: “Taking the Pain Out of Compliance” – Camillo Werdich, Sinpex in ‘The Fintech Magazine’
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U.S. Bank Leverages Gen AI for Banking Services
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