With a rich history of over 200 years in the banking industry, Erste Group, a powerhouse in Eastern Europe’s financial services, has chosen to collaborate with Salt Edge, a leading open banking solutions provider. This strategic partnership, backed by the extensive expertise of both entities, is set to revolutionise multi-banking services in the CEE region. The aim is to bolster the multi-banking functionalities for Erste Group’s retail and corporate customers through the George banking app and the ErsteConnect API.

Since 1997, Erste Group has been on a mission to expand its retail business into Central and Eastern Europe. Today, it stands as one of the largest financial services providers in the Eastern part of the EU, serving over 16 million customers in around 2,000 branches across 7 countries.

The bank already uses Salt Edge’s Account Information solution to enable multi-banking for its customers through the George banking app in Austria and Romania. This feature provides the award-winning app users with a comprehensive, 360-degree view of all their finances in one place, allowing them to easily connect their Erste or any other Romanian and Austrian bank accounts and view all their transactions. However, the true advantage of multi-banking extends beyond the convenience of consolidating various accounts on a single screen. It allows users to see their complete financial picture rather than just isolated pieces, fostering a deeper understanding and financial well-being.

In addition to retail solutions, Erste Group’s corporate clients will benefit from integrating Salt Edge’s solutions via their premium ErsteConnect API. This API provides a single, secure access point for managing finances across Erste Group and other banks in the CEE region. It supports both Account Information and Payment Initiation Services, allowing seamless integration into existing ERP systems or custom solutions, significantly improving operational efficiency and financial oversight for corporate clients.

“Our partnership with Salt Edge has enabled us to offer multi-banking services to both retail and corporate customers. The expertise in Open Banking and extensive PSD2 connectivity across the CEE region have empowered us to deliver secure and efficient access to account information and in initiating payments,” said Tim Wanzelee, Product Owner Group Open Banking at Erste Group.

Salt Edge’s extensive connectivity with various banks in the CEE region eliminates the need for Erste Group to individually onboard and maintain connections with multiple banks. This dynamic registration capability streamlines the onboarding process, saving time and resources while expanding the range of available connections to meet customer needs.

“We are thrilled to be the preferred technology provider of account aggregation and payment initiation services for one of Eastern Europe’s largest financial institutions, serving nearly 16 million customers in the region. Together with Erste Group, we empower users with enhanced financial insights and control, driving the future of banking in the CEE region. We look forward to supporting Erste Group’s mission to provide superior financial management solutions,” said Erica Virlan, VP of Sales at Salt Edge.

Erste Group is the leading financial services provider in the eastern part of the EU. Its ca. 45,000 employees serve 16.4 million customers in around 2,000 branches in 7 countries (Austria, Czechia, Slovakia, Romania, Hungary, Croatia, and Serbia). For the first half of 2024, Erste Group had 344 billion euros in total assets, posted a net profit of 1.6 bn euros, and had a common equity tier 1 ratio (pro forma) of 15.5%.

Salt Edge is a financial API platform with PSD2 and open banking solutions for every business. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5,000+ financial institutions in 50+ countries. Salt Edge has been named a Strong Performer in The Forrester Wave™: Open Banking Intermediaries, 2023 Report.

*This is a press release.