Square has announced a strategic partnership with Salt Edge, a prominent open banking platform.
This collaboration aims to enhance the payment operations for sellers in the UK, leveraging the best of both companies’ offerings.
The partnership was formed to address the growing need for transparent and secure financial data sharing among small and medium-sized enterprises (SMEs) in the UK. By integrating Salt Edge’s robust open banking compliance solutions, Square can offer its UK-based customers, especially the users of the newly launched Square Card, a comprehensive way to manage their finances seamlessly in one place.
Square has long been at the forefront of combining hardware and software to provide innovative solutions that simplify business operations. Their offerings range from point-of-sale systems like Square Online, Square Appointments, and Square for Restaurants, to smart tools for cash flow, inventory, team management, loyalty, and marketing programs.
Salt Edge specializes in enabling financial institutions and other fintech companies to embrace open banking and PSD2 compliance. Their services allow businesses to securely share their financial data with banks and other third-party providers through well-developed APIs, fostering enhanced financial services and insights.
The integration of Salt Edge’s technology with Square’s solutions is particularly crucial for Square Card users in the UK. This card empowers SMEs to keep a close tab on their financial activities and make informed decisions that can significantly impact their growth and sustainability in the competitive market.
In addition to the primary partnership details, the integration also supports SMEs in maintaining better control over their finances, ensuring smoother cash flow management, and responding more promptly to market demands.
From the voices of the companies involved, Square UK Executive Director Samina Hussain-Letch said, “We’re really excited to see the integration with Salt Edge go live. Square Card is a new product for us in the UK and an important solution for small businesses to manage cash flow, which we know is often the biggest blocker for starting and growing a business.”
Andrei Scutari, Open Banking Head of Sales and Country Manager at Salt Edge, added, “Salt Edge offers APIs that enable businesses to share their data with other banks and financial institutions of their choosing, helping us to further streamline and simplify operations for our sellers, which allows them to run, thrive, and grow.”
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