Multitude Bank p.l.c., a core subsidiary of the Nordic-born listed Fintech, Multitude Group, offers digital lending and online banking services to consumers and SMEs across Europe. The Bank has now partnered with Salt Edge, an open banking platform, with “a goal to enable instant loan repayments.” Multitude Bank is leveraging Salt Edge’s open banking technology “to optimize repayment processes.” Through the use of the open banking method, Pay-by-Link, customers will “receive timely notifications about impending installments, ensuring a more convenient repayment process.”
Salt Edge’s Payment Initiation solution will “allow Multitude Bank’s clients, who previously relied on traditional online banking, to make instant loan repayments, reduce transaction costs, and connect with 2,300+ banks across Europe.”
The Bank has already successfully “implemented Salt Edge’s solution for consumer lending products.”
Building on this success, the parties have “agreed to strengthen their partnership by integrating a white-label Payment Initiation solution, enabling the Bank to offer payment initiation services to other EMI-licensed Payment Service Providers.”
This expansion will enable the provision of Payment Initiation services, “including local settlement and virtual accounts for processing payments in SEK, CZK, EUR, DKK, and GBP.”
Salt Edge’s solution stood out due to its flexibility, “competitive pricing, extensive coverage, and readiness to adapt to Multitude’s specific needs.”
These factors were pivotal in choosing Salt Edge as a partner in this initiative.
As noted in the update:
“Open banking offers flexibility, and we’re happy to assist Multitude in supporting its clients with a safe and faster payment solution powered by open banking. Through our collaboration, we support Multitude’s mission to help consumers and SMEs, often overlooked by traditional financing, achieve their potential.
Multitude Bank is a subsidiary of the Multitude Group, which operates a growth platform for financial technology.
Multitude Bank is licensed as a credit institution “by the Malta Financial Services Authority and its registered address is ST Business Centre, 120 The Strand, Gzira, GZR 1027, Malta. C56251.”
Holding an EU banking license, since 2012, Multitude Bank has “passported to the majority of European countries. It is specialised in providing modern, digital-only, and cross-border banking services for consumers and businesses through its various brands. Multitude Bank employs around 190 people in Malta, and its total assets amounted to EUR 909 million in 2023.”
Salt Edge is a financial API platform with PSD2 and open banking solutions “for every business.”
The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and “developing the technology necessary for banks to become compliant with the directive’s requirements.”
