Raisin, a platform for savings and investments, has partnered with open banking Fintech Salt Edge to strengthen its compliance with UK regulations, ensuring secure financial solutions for clients.
Raisin operates across the European Union, UK, and US, offering customers access to “competitive” interest rates and a diverse selection of banking products. By connecting banks with retail clients, Raisin provides access to sticky, “scalable retail funding.”
To enhance accessibility in financial services, Raisin chose Salt Edge as a partner to deliver solutions for compliance and growth for its UK platform.
Salt Edge’s Open Banking Compliance solution helps Raisin meet FCA regulatory standards, ensuring “security, transparency, and data protection for its customers.”
Alexa Lloyd-Owen, Head of Compliance UK at Raisin, said by leveraging Salt Edge’s platform, they can drive innovation and growth.
In addition to meeting open banking requirements, Raisin utilized “a full-stack toolkit to maximize regulatory opportunities.”
This includes a dedicated environment for Third Party Providers (TPPs) to integrate seamlessly, with “first-line support managed by Salt Edge.”
The toolkit features a client dashboard for performance monitoring and a TPP verification system to “control and secure access to data.”
Dan Martalog, Senior Open Banking Solutions Expert at Salt Edge:
“The regulatory landscape is evolving rapidly, and keeping up with these changes can be challenging. Thus, we are thrilled to partner with Raisin, supporting them in achieving open banking compliance and meeting the strict regulatory requirements at pace, all while delivering secure and top-tier financial services to their customers.”
As covered, Raisin is the platform for savings and investment products.
Founded in 2012, the fintech connects consumers “with banks in the EU, UK, and US.”
This means they receive better interest rates, and banks receive “safe and cheap refinancing.”
Raisin’s vision is to offer savings and investments without barriers and thus tap into the “global +140 trillion euro market.”
Raisin reportedly employs over 700 people worldwide from “over 65 countries.”
The platform manages more than 70 billion euros from direct customers who have earned “over 2 billion euros in interest through savings products alone.”
As noted in the update, 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.”