As Moldova transposes the European 2nd Payment Services Directive (PSD2) into its legislation, Victoriabank, a Moldovan bank and member of the Romanian financial group – Banca Transilvania, has partnered with open banking solutions provider, Salt Edge, to ensure compliance.
Moldovan financial services are rapidly looking to modernise their services to stay at the forefront of financial innovation while remaining compliant. As such, many firms, like Victoriabank, are taking steps to ensure compliance with Law 209/2022, set for release in February 2025. Staying ahead of the curve reflects Victoriabank’s commitment to sustaining security, transparency, and empowering customers in the financial sector.
By partnering with Salt Edge, Victoriabank is set to achieve compliance with the new law in record time. Through Salt Edge’s full-stack Open Banking Compliance solution, Victoriabank’s clients will gain a comprehensive overview of their finances, accessible through any regulated app of their choice. Furthermore, this move aligns with the bank’s goal of digitally transforming its services.
By adhering to the National Bank of Moldova’s (NBM) requirements, the local financial sector regulator, Victoriabank is unlocking new opportunities for innovation and personalisation of services through open banking. Consequently, it will further strengthen its relationship with customers.
Accelerating the Moldovan fintech sector
Elena-Ionela Maloș, vice president, chief operating officer, Victoriabank
Elena-Ionela Maloș, vice president, chief operating officer, Victoriabank said: “Through its partnership with Salt Edge, Victoriabank is implementing open banking to give our customers enhanced control over their finances within a secure and efficient platform. This collaboration not only elevates the user experience and transforms our operations but also reaffirms Victoriabank’s leadership in financial innovation in the Republic of Moldova.”
Dan Martalog, senior open banking solutions expert, Salt Edge
Dan Martalog, senior open banking solutions expert, Salt Edge added: “We’ve witnessed the transformative impact of PSD2 on the European financial ecosystem, and are confident that Moldova will reap similar benefits, driving innovation and enhancing financial services.
“As global experts in open banking standards, we’re eager to work together with Victoriabank to pioneer open banking in Moldova and contribute to its financial evolution. Such partnerships are crucial in advancing the financial sector, ensuring regulatory compliance, and fostering a more dynamic and customer-centric banking environment.”
Having been a part of the Moldovan financial sector for 35 years, Victoriabank became part of the Romanian Financial Group, Banca Transilvania, in 2018. In 2024, Victoriabank offers over 300,000 customers, both individuals and companies, full access to its 100 per cent online services. This includes card issuance/re-issuance, KYC updates, credit applications, and quick transfers via T2A.
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