Saga Partners With Salt Edge to Help Serbian Banks Comply With Recent PSD2 Requirements
By Dominic Sow · 10 December 2024
Saga, one of Serbia’s leading IT companies, has partnered with Salt Edge, a global pioneer in Open Banking solutions, to support Serbian banks in meeting the latest Open Banking regulatory requirements. This collaboration follows Salt Edge’s recent expansion into the Republic of Serbia.
Headquartered in Belgrade, Serbia, Saga employs over 250 people and has subsidiaries in the region, including Montenegro, Bosnia and Herzegovina, and Macedonia. With more than 35 years of experience and a diverse portfolio of services, the company offers advanced telecommunications, business, and ICT infrastructure solutions suited to the needs of large and medium-sized enterprises across various industries.
Saga joined forces with Salt Edge to help Serbian financial institutions comply with recent amendments to the Payment Services Act (“PSA“), meant to mirror the European PSD2 and introduce open banking-driven services to the Serbian financial market.
Effective from May 6th, 2025, all Serbian banks will be required to:
- Provide Third-Party Service Providers (TPSPs) with secure access to customers account information through APIs;
- Facilitate payment initiation services;
- Ensure compliance with Open Banking standards to enhance competition, transparency, and consumer protection within the financial ecosystem.
Andrei Scutari, Open Banking Head of Sales at Salt Edge comments: “Open banking revolves around data sharing, innovation, and seamless collaboration. As Serbia’s financial sector prepares to embrace it soon, the best approach is to learn from those who have successfully navigated this journey. With extensive global expertise in Open Banking compliance, Salt Edge is committed to guiding Serbian financial institutions through this transformative journey. Together with Saga, we aim to help them overcome the challenges and unlock valuable use cases that drive innovation and deliver tangible benefits. This partnership is a significant milestone in our mission to make Open Banking accessible to financial institutions worldwide.”
Through this partnership, Serbian banks will gain access to advanced tools and services designed specifically for the local market’s unique needs. At the core of this collaboration is Salt Edge’s globally proven full-stack Open Banking Compliance Hub. The comprehensive solution includes PSD2 and Open Banking-compliant APIs, a robust TPP verification system, secure payment and account access with full SCA and dynamic linking compliance, consent management tools, and detailed reporting capabilities–all for a cost-effective and technically scalable approach to compliance.
Siniša Ljubojević, Business Development Director at Saga Group comments:
“Partnering with Salt Edge marks an important step forward in enhancing Serbia’s banking sector. With decades of experience in this market, Saga continuously monitors regulations and the evolving needs of the financial world, delivering innovative and tailored technological solutions. By combining Salt Edge’s expertise in Open Banking solutions with our deep understanding of the local market, we are enabling banks not only to meet PSD2 compliance requirements but also to create innovative services that drive competitiveness and enhance customer satisfaction.” Companies in this story: Salt Edge
People in this story: Andrei Scutari