Western Union Taps Salt Edge’s PSD2 Compliance Solution for Its Digital Bank Pilot in Europe

Western Union, a global leader in cross-border, cross-currency money movement, has formed a partnership with Salt Edge, which specializes in building open banking API solutions, to integrate the Salt Edge’s PSD2 (The EU's revised Payment Services Directive) compliance solution for its multi-currency bank account pilot in Europe.

According to the official press release, the integration will enable Western Union to extend the relationship with its customers, and generate a new banking experience. By turning to Salt Edge’s PSD2 Compliance Solution, Western Union is leveraging Salt Edge’s PSD2 possibilities for its customers, making the innovation more secure and allowing regulatory verified TPPs (Third-Party Providers) to access the developer portal and the PSD2 APIs in accordance with legal requirements. In the end, the final user enjoys an upgraded customer experience, using the new multi-currency bank account service.

“With plans underway to launch a Western Union digital bank pilot in Europe, being PSD2 compliant is critical to our success and enabling our products. It will allow us to offer customers a superior experience as we look to expand our service portfolio. Our collaboration with Salt Edge will allow us to meet these goals, based on the team’s focus on innovation and agility, and great experience in providing market-leading solutions,” Thomas Mazzaferro, Chief Data Officer of Western Union stated.

In August, Fazzaco reported that Western Union, Goldfinch Partners, LLC (Goldfinch) and The Baupost Group, LLC (Baupost) have entered into a definitive agreement, under which a consortium of Goldfinch and Baupost will acquire Western Union Business Solutions​ for approximately $910 million in cash.