Following the expansion of open banking solutions provider, Salt Edge into the Republic of Serbia, the company has now partnered with Serbian IT firm, Saga to support Serbian banks in meeting the latest open banking regulatory requirements.
Recent amendments to the Payment Services Act (PSA) have been made to emulate the European PSD2 regulation as well as introduce open banking-driven services to the Serbian financial market. Consequently, Saga has partnered with Salt Edge so that Serbian banks can gain access to advanced tools and services designed specifically for the local market.
Specifically, the banks will gain access to Salt Edge’s Open Banking Compliance Hub which will provide them with PSD2 and open banking-compliant APIs, a robust TPP verification system, secure payment and account access with full SCA and dynamic linking compliance, consent management tools, and detailed reporting capabilities–all for a cost-effective and technically scalable approach to compliance.
These will be especially important as from 6 May 2025, all Serbian banks will be required to:
- Provide third-party service providers (TPSPs) with secure access to customers account information through APIs;
- Facilitate payment initiation services;
- Ensure compliance with open banking standards to enhance competition, transparency, and consumer protection within the financial ecosystem.
Andrei Scutari, open banking head of sales, Salt Edge commented: “Open banking revolves around data sharing, innovation, and seamless collaboration. As Serbia’s financial sector prepares to embrace it soon, the best approach is to learn from those who have successfully navigated this journey. With extensive global expertise in open banking compliance, Salt Edge is committed to guiding Serbian financial institutions through this transformative journey.
“Together with Saga, we aim to help them overcome the challenges and unlock valuable use cases that drive innovation and deliver tangible benefits. This partnership is a significant milestone in our mission to make Open Banking accessible to financial institutions worldwide.”
Working with Saga
Headquartered in Belgrade, Serbia, Saga employs over 250 people and has subsidiaries in the region, including Montenegro, Bosnia and Herzegovina, and Macedonia. With more than 35 years of experience and a diverse portfolio of services, the company offers advanced telecommunications, business, and ICT infrastructure solutions suited to the needs of large and medium-sized enterprises across various industries.
Commenting on the partnership, Siniša Ljubojević, business development director, Saga Group said: “Partnering with Salt Edge marks an important step forward in enhancing Serbia’s banking sector. With decades of experience in this market, Saga continuously monitors regulations and the evolving needs of the financial world, delivering innovative and tailored technological solutions.
“By combining Salt Edge’s expertise in open banking solutions with our deep understanding of the local market, we are enabling banks not only to meet PSD2 compliance requirements but also to create innovative services that drive competitiveness and enhance customer satisfaction.”
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