Finom Partners with Salt Edge to Expand its EMI Offerings Via Open Banking

The pan-European B2B fintech platform Finom has joined hands with Salt Edge, a leader in offering open banking solutions, to leverage PSD2 possibilities for SMEs and professionals all over Europe.

Finom provides SMEs and freelancers with business payment accounts as well as expense and team management services. The Dutch B2B fintech company blends together accounting, financial management, and banking functions for early-stage businesses, SMEs, and freelancers into one cross-device product. Having set to accelerate its international expansion in 2022, Finom has got its EMI licence in the Netherlands. As one of the requirements to offer EMI services was to be compliant with all the strict PSD2 requirements, Finom has chosen Salt Edge for the job. Backed up by Salt Edge’s PSD2 Compliance solution, Finom is leveraging PSD2 possibilities for its customers, making the innovation more secure and allowing customers to share account information with and initiate payments only through regulatory-verified fintech apps.

“Finom is now growing steadily, gaining over 3,000 new clients every month and reaching a growth rate that has taken other fintech players several years. That’s why we’ve needed to have by our side a partner that would match us at this pace. And Salt Edge was able to always deliver it. There is huge untapped market potential in the European Union in regards to financial services for SMEs, and we already see how open banking-powered services will bring ways to help customers in managing their businesses,” said Ivo Dimitrov, Co-founder of Finom.

Upon successful testing of the Finom compliance APIs, the company got exempted by the De Nederlandsche Bank from providing a fallback channel, liberating Finom from extra regulatory and technical obligations.  The solution has also successfully passed an external audit on its compliance with PSD2, RTS requirements, and Berlin Group technical standards.

“Having an efficient and reliable PSD2 compliance implementation, Finom can quickly respond to customers’ needs, leaving the burdens of TPPs technical integration, portal maintenance, and support to us. Our goal is to assist Finom to provide flawless open banking capabilities in the fastest possible way,” said Andrei Scutari, Country Manager at Salt Edge.