SaltEdge Openbanking Integration

Introduction:

The SDK.finance Core platform integrates with Salt Edge, an Open Banking Gateway. This integration allows financial institutions instant access to customers’ bank accounts (in Europe and beyond) for account information and payment initiation purposes. This is achieved through a single API, simplifying the process for institutions.

Salt Edge Integration:

The Salt Edge integration offers two key functionalities through provider APIs:

• Salt Edge Partners Account Information API: This API allows institutions to securely connect to PSD2 channels in the EU without requiring their own license and eIDAS certificate.
• Salt Edge Partners Payment Initiation API: This API simplifies payment initiation for companies that don’t need a PSD2 Payment Initiation Service Provider license. It essentially makes payment initiation as easy as using a cURL command.

Internal SDK APIs:

In addition to the Salt Edge integration, the SDK application provides a set of internal APIs. These internal APIs offer Open Banking functionalities to the end-user through the user interface (UI) of their SDK.finance account (web or mobile app).

Technical Implementation:

The SDK.finance Core system implements technical integration for basic Open Banking features through any financial institution supported by Salt Edge. The specific features available to the client (source code or cloud clients) depend on their needs and agreements with Salt Edge. However, SDK.finance provides a quick and convenient way to interact with the Salt Edge platform through its REST API integration.

How it Works (Account Information Example):

1. A user of the SDK.finance platform decides to view their account information within the UI of their SDK account (web or mobile).
2. The front-end utilizes the internal SDK APIs to trigger the Salt Edge integration.
3. The integration redirects the user to a secure Salt Edge widget for authorization and consent confirmation to access account information.
4. Once the user confirms consent, Salt Edge contacts their chosen bank and returns the account data to the SDK system via the integration.
5. The user is redirected back to their SDK account and can now see the account data in their cabinet.

Security:

Sensitive user data, including account data received through Salt Edge, is not stored within the SDK system. It is only accessible in real-time mode through the Salt Edge Partner API integration. This approach ensures data security and allows institutions to connect to PSD2 channels in the EU without requiring their own license and eIDAS certificate.

Supported Operations on the Test Environment:

• Individual users can view account information via Salt Edge Open Banking.
• Individual users can initiate payments and view payment history via Salt Edge Open Banking.

User Manual:

How to view account information via Salt Edge Open Banking:

1. Perform authorization as an Individual user.
2. On the main page, press the “Open Banking” tab.
3. Select “Add Bank.” You will be redirected to a secure Salt Edge widget.
4. In the “Choose your bank” section, select your bank and enter your internet banking credentials for Salt Edge to establish a secure connection.
5. Press “Proceed.”
6. Review the consent, press “Confirm” if you agree, and then press “Grant access.”
7. You will be returned to the “Open Banking” tab on your SDK.finance account.
8. Select the desired bank from the listbox.
9. Press “View bank account details” to view more information about your bank account.

How to initiate a payment via Salt Edge Open Banking:

1. On the main page, press the “Open Banking” tab.
2. Select the “Initiate payment” option.
3. Press “Add bank” (or select a previously added bank).
4. After “Add bank,” you will be redirected to a secure Salt Edge widget.
5. In the “Choose your bank” section, select your bank and enter your internet banking credentials for Salt Edge to establish a secure connection.
6. Press “Proceed.”
7. Review the consent, press “Confirm” if you agree, and then press “Grant access.”
8. Press “Return to your app” (or you will be automatically returned to the “Open Banking” tab on your SDK.finance account after a few seconds).
9. In the “Banks” section, select the desired bank.
10. Specify the “Payment type” in the opened sidebar.
11. Specify the required fields to process the payment (these may vary depending on the payment type):

• Creditor Name
• Currency
• Creditor IBAN
• Description (optional)
• Amount
• Additional fields specific to the chosen payment type (these will be displayed)

12. Press “Process payment”. You will be redirected to the secure Salt Edge widget to select your bank account and confirm payment initiation.
13. Press “Return to your app” (OR you will be automatically returned to the “Open Banking” tab on your SDK.finance account after a few seconds).
14. The transfer has been sent to the bank and may take up to 3 days. You can check the progress of this payment in the “Payment history” section.

To start using Salt Edge Open Banking with SDK.finance:

1. Make an Agreement with Salt Edge: A formal agreement with Salt Edge is required to utilize their services.
2. Obtain Credentials from Salt Edge: Following the agreement, Salt Edge will provide you with credentials for accessing both the Test and Production Environments. These credentials are essential for setting up provider connectivity.
3. Configure Provider Connectivity in SDK.finance Core: Within the SDK.finance Core platform, you will need to configure the system configuration file to establish provider connectivity.