The NYSE-listed and FCA-regulated high-risk payment processor Paysafe (profile) partners with FCA-regulated Salt Edge (profile) to streamline the company’s customer experience when connecting a bank account with a merchant payment processing or digital wallet account.

The Salt Edge solution will accelerate onboarding for Paysafe and alleviate the pressure of the traditional manual efforts while mitigating fraud risk. Salt Edge’s open banking-powered Account Information API will offer secure access to accounts in banks across the EU and the UK, assuring Paysafe a quick way to connect and instantly verify bank accounts.

Using the Salt Edge Account Information solution, Paysafe will enable its EU acquiring and digital wallet customers to confirm their bank accounts. This will allow Paysafe to automatically validate bank account ownership. Thus, it will eliminate the need for customers to submit documentation showing proof of bank account ownership. The collaboration will enable Paysafe to further improve the robustness of their entry point fraud controls, by ensuring the bank account details submitted are legitimate and they link to the applicant.