Finance Breaking news Salt Edge scores Nova Credit deal last financial news
Breaking-Finance.Com - Nova Credit, the premier cross-border credit reporting agency, has teamed up with Salt Edge, leader in developing open banking solutions, to get instant access to the banking data of newcomers from the UK and EU.
Breaking-Finance.Com - The new partnership improves the consumer’s access to products like credit cards and loans in the United States.When a person moves to the U.S., a lack of local credit history makes it difficult for U.S. lenders to assess a borrower’s propensity to pay. With the help of the Nova Credit solution, the consumer gets a standardised Credit Passport® that credit card companies, lenders, and providers across industries from credit cards to telecommunications and real estate can use to evaluate their creditworthiness through international credit and bank transaction data. Nova Credit provides lenders with this information through a single API.The partnership with Salt Edge allows Nova Credit to expand the Credit Passport® to include bank transaction data from 31 European nations including Austria, France, Germany, Spain, and the United Kingdom, among others. After receiving an applicant’s consent to share their international banking data, Nova Credit normalises it based on U.S. standards and incorporates it into the Credit Passport®. Salt Edge’s data enrichment solution helps simplify this process for Nova Credit.
.The Credit Passport® has helped thousands of newcomers gain access to finance in the U.S. Our new partnership with Salt Edge will support the expansion of country coverage and enable more consumers to leverage their own data to start their new life in the U.S. on the right foot. Migration is a vulnerable period of transition and we’re proud to make it a bit easier with this new partnership.Misha Esipov, Nova Credit Co-founder and CEOBank data is accessed in a regulatory compliant way, adhering to all security and personal information standards. The collaboration with Salt Edge grants Nova Credit access to real-time financial data to automatically verify the applicants’ identity, income sources, account number, and balance.With the current U.S. financial system, it can take newcomers up to five years to build a credit history that corresponds to what they had in their country of residence. Using Salt Edge’s open banking technology, Nova Credit can refine banking data faster, and expand their country coverage to Europe and beyond so that more people can start living the American dream.Vladimir Pintea, Head of Open Banking Gateway
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