Billingo, a billing platform operating in Hungary, has partnered with Salt Edge a firm developing Open Banking solutions. The combination of the two services have created the first online biller in the country to offer a range of opportunities fuelled by bank data aggregation, according to a release. PSD2 became national law in Hungary in September 2019.
Billingo offers administration, billing, and financial management services to businesses across Hungary. By incorporating Salt Edge, the company gets instant access to bank data integrating with bank PSD2 channels without having their own AISP licence.
Billingo says it can now reduce administrative burdens and deliver new digital and financial services powered by bank data aggregation.
Billingo may now automate and simplify all major billing processes, offering the possibility to track the status of invoice fulfillment, providing a quick overview of clients’ short-term liquidity, and sharing bank account history with their accountant.
Salt Edge enables Billingo to connect via one platform to nine major Hungarian banks: Erste Bank, OTP Bank, CIB Bank, Raiffeisen Bank, K&H Bank, UniCredit Bank, Budapest Bank, MKB Bank, ING Bank, as well as over 5000 financial institutions worldwide.
Albert Sárospataki, Co-founder of Billingo, calls Salt Edge is one of the most sophisticated companies in the Open Banking world.
“In the modern digitalized society, the implementation of open banking is crucial as it simplifies the banking experience to attend to customer needs and provide innovative capabilities for them. Billingo is a cutting-edge modern company that makes financial processes simpler and more efficient. Salt Edge always seeks more ways to widen its collaboration horizon and is proud to work with a company that supports businesses and promotes open banking solutions in Hungary,” commented Dmitrii Barbasura, CEO at Salt Edge.