Moldova’s digital wallet service Paynet has partnered with open banking services provider Salt Edge, to support compliance with the country’s payment services directive 2 (PSD2) regulations.
Paynet, known for its financial management tools for both businesses and individuals, has developed the Paynet wallet and Paynet Mastercard to simplify financial transactions for users.
The wallet allows for various financial activities, including utility bill payments and money transfers.
As the February 2025 deadline for complying with Moldova’s PSD2 law approached, Paynet sought a partnership to meet these new requirements.
In a release, Salt Edge said that its full-stack open banking compliance solution will enable Paynet to conform to Moldova’s PSD2 legislation.
It provides automated processes for customer consent management, report generation, and support for third party providers (TPPs).
This partnership is expected to help Paynet allocate resources efficiently and lower operational costs.
Additionally, Salt Edge’s security measures are said to mitigate fraud risks.
Paynet CEO Calin Gryadchenko said: “Working together with Salt Edge to implement an open banking solution will elevate our customers’ experiences and reinforce Paynet’s position as a leading fintech company in Moldova.
“This collaboration underscores our dedication to offering services of outstanding value adapted to the rapidly evolving market demands, marking a significant step forward in our mission to bring innovation to the financial industry.”
Salt Edge senior open banking solutions expert Dan Martalog stated: “We’re thrilled to support Paynet in achieving open banking compliance and meeting Moldova’s rigorous regulatory deadlines efficiently, all while enabling the company to deliver secure, reliable financial services to its customers.”
Last month, Salt Edge partnered with fintech company Square, aimed at streamlining payment operations for sellers in the UK.
