As 2023 draws to a close, it’s time for us to take a moment to reflect on the past year and celebrate the accomplishments of our team at Salt Edge.
While you were choosing which team you were – Barbie or Oppenheimer (or even Barbenheimer) – here’s what happened at Salt Edge in 2023:
Throughout the year, we’ve remained committed to our core values of collaboration, transparency, and customer-centricity. These principles have guided us in everything we do, from expanding to new regions to building strong relationships with our clients and partners. Let’s take a moment to appreciate the incredible journey that has brought us to this point and share some of the highlights that have made 2023 such a memorable year for Salt Edge.
A decade of open banking expertise
The year 2023 marks a significant milestone for Salt Edge – celebrating 10 years of excellence and expertise in open banking. The constant commitment to growth and progress has allowed Salt Edge to establish itself as a leading open banking platform. Every day, we provide continuous support to our clients through the solutions we offer: enabling third parties to access bank channels via a unified gateway and developing the technology necessary for banks to become compliant in one month only.
But without the perseverance and hard work of our talented team, none of this success would have been possible. We were honoured to welcome almost 40 new employees to our team in 2023, who brought new ideas, experiences and perspectives to the table. While Salt Edge was growing, our HR team was working on improving every member’s experience in the company and, therefore, implementing a retention system to encourage open and transparent communication among employees. Moreover, our team believes in fostering a sense of community, which is why throughout the year we hosted regular team events and traditions, from the June 1st Kids Party to the Christmas Charity Campaign. At Salt Edge, we are devoted to creating a positive and inclusive work environment where our employees feel valued, supported, and empowered to succeed.
Adding new markets to the mix
Open Finance, according to the Central Bank of Jordan (CBJ), is essential to the growth of innovation and competition in the Kingdom and is a fundamental component of an inclusive, digital economy. Thus, in November 2022, the CBJ took an important step towards this goal by issuing the Open Finance Framework that all banks operating in the region must act in accordance with. To support the Kingdom’s efforts towards a digital future through Open Finance, at the beginning of the year, Salt Edge announced its expansion to Jordan. The objective was to assist Jordanian banks and other local financial institutions in providing innovative solutions and encouraging “new modern concepts in financial services models” in the area.
At Salt Edge, we’re committed to empowering financial institutions and businesses around the world to thrive through open banking solutions. Our expansion to Jordan marked a significant milestone in our journey, assisting Jordanian financial institutions to take a big step forward in Open Finance. We believe that open banking has enormous potential to transform the way financial services are delivered; thus, our mission is to continue exploring new opportunities and bringing the benefits of open banking to even more countries.
In addition to our expansion in the Hashemite Kingdom of Jordan, we’ve orchestrated campaigns in multiple countries, including Montenegro, North Macedonia, and Azerbaijan. Our endeavours in these new markets have led to partnerships with new customers, demonstrating our dedication to expanding constantly and providing open banking opportunities to more regions.
Building strong relationships
In 2023, Salt Edge made significant strides in expanding its partner ecosystem, signing more than 20 partnerships around the world. Our collaborations with global companies, including HCLTech, Endava, Skaleet, Access to Arabia, and AMLYZE, demonstrate our unwavering commitment to delivering innovative open banking and digital solutions while synergising strengths, resources, and shared knowledge to seize opportunities and meet the needs of various industry businesses. We are eager to add to the team in the future and reach out to new markets through delightful collaborations and clients.
Every day, we are dedicated to building long-lasting relationships with our partners and are always looking for new ways to collaborate and bring value to our clients. In 2023, we managed to expand our partner ecosystem, signing more than 20 new partnerships with leading companies worldwide. These partnerships will enable us to offer open banking and digital solutions to businesses across various industries.
shares Iulian Mitrea, Head of Partner Ecosystem at Salt Edge
Explored new industries
This year, Salt Edge expanded its horizons by exploring the potential of open banking in two new industries: travel and iGaming. In the travel industry, open banking can streamline payment processes, making them easier, safer, and more cost-effective. Meanwhile, in the iGaming sector, open banking can help mitigate fraud risks, enable easy and secure account funding and withdrawals, and provide valuable data insights. Our Director at Salt Edge, Stephen Winyard, outlined in The Fintech Power 50 annual guide the transformative benefits of open banking solutions for the travel and iGaming industries.
Salt Edge also attended various events to showcase the benefits of open banking and how it can improve these sectors, in an effort to share these opportunities with industry stakeholders.
During the past year, we have released several enhancements to our open banking solutions, each designed to improve the user experience, increase efficiency, and provide more value to our customers.
A notable addition to our suite of features this year is the automatic bank monitoring release, which notifies end users when their bank is temporarily unavailable and promptly alerts them when services are restored, ensuring seamless utilisation. In addition, we have created features that enable clients’ categorisation to be tailored to their unique business needs.
Addressing the ever-evolving landscape of financial regulations, we introduced an Anti-Money Laundering (AML) product for our clients to ensure the security and compliance of their transactions. More, we unveiled premium widgets as a new solution for advanced features and functionalities, adapted for each client.
Amidst these strides in innovation, the year 2023 saw a remarkable 370% increase in the number of payments processed compared to the previous year, and we registered 2.5 billion API calls, allowing a seamless and high-performance interaction.
During the 2023 year, Salt Edge also enjoyed a successful year in terms of networking and thought leadership. We were honoured to attend over 20 events around the world, from the UK to Saudi Arabia, sharing our expertise in open banking. Our participation in events such as Money20/20 Europe, Seamless Saudi Arabia, World Aviation Festival, Open Banking Expo UK, and the 6th Open Banking Conference – KSA demonstrates our dedication to spreading the word about open banking and creating valuable connections with current and future clients and partners.
Building a winning culture
In 2023, we proudly garnered a series of notable awards and recognitions, solidifying our dedication to excellence. We were honoured with the “Best RegTech Project” award at the Pay360 Awards, a testament to our commitment to providing innovative regulatory technology solutions. Furthermore, we were recognised as a “Strong Performer” by Forrester in their Q1 2023 report on Open Banking Intermediaries, solidifying our position as a leader in the industry. Lastly, we were included in the “Top 40 Fintech Companies” from The Fintech Power 50 as one of the most influential and innovative companies in the fintech industry. These honours not only prompt us to celebrate our efforts but also serve as daily inspiration for continuous improvement, greater results, and strong resilience to pursue our goals.
Celebrating this holiday season, we want to express our appreciation to everyone who has contributed to Salt Edge’s success. We are grateful to our clients and partners for trusting us, supporting them to take a step forward in open banking. My heartfelt thanks also go to our talented team members, who have worked tirelessly to ensure our company’s success. Their dedication and expertise have been invaluable in accelerating our growth.
As we move forward, Salt Edge has big plans in store. Our goal is to push the boundaries and reach even higher levels. Keeping our customers satisfied, building new alliances, fortifying existing ones, and bringing our solutions to new markets are all part of our commitment. And we will continue sharing open banking insights at more events and revolutionising the open banking and digital industries.
Let’s make 2024 a year to remember! From the entire Salt Edge team, we extend our warmest wishes and may the holiday season bring you joy, peace, and prosperity.
Garri Galanter, CEO at Salt Edge
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