Multitude Bank, a core subsidiary of the Nordic-based fintech powerhouse Multitude Group, has teamed up with Open Banking provider Salt Edge to revolutionize its loan repayment process. This partnership aims to streamline digital lending and online banking services for European consumers and SMEs.
Leveraging Salt Edge’s Open Banking technology, Multitude Bank will utilize the “Pay by Link” feature, ensuring instant loan repayments and reducing transaction costs. Through Salt Edge’s payment initiation solution, Multitude will connect with over 2,300 banks across Europe, providing its clients with seamless payment options. Previously reliant on traditional online banking, the bank can now offer real-time repayment notifications and faster transactions.
The collaboration, which has already enhanced the bank’s consumer lending products, is set to expand, offering payment initiation services to other EMI-licensed providers. This will include processing payments across multiple currencies, such as SEK, CZK, EUR, DKK, and GBP.
Dario Azzopardi, Chief Banking Officer and Deputy CEO of Multitude Bank, highlighted the strategic advantages of the partnership, praising Salt Edge’s flexibility, competitive pricing, and ability to tailor solutions to the bank’s needs. Erica Virlan, Salt Edge’s VP of Sales, echoed this sentiment, emphasizing Open Banking’s role in providing faster, secure payment solutions.
This partnership underscores Multitude Bank’s commitment to empowering underserved consumers and SMEs, helping them unlock their potential through cutting-edge financial technology.
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