Slovak P2P lending platform Žltý melon has partnered with financial API platform Salt Edge, giving it instant access to more than 2,500 banks across Europe, thereby creating a “more streamlined and frictionless” loan application flow for clients.
The Open Banking-enabled lending partnership will also provide a “digital boost” to the risk verification process.
Previously, the process required clients to download the PDF file from internet banking and then upload those files to the Žltý melón system.
Via the collaboration, clients of the P2P lender will only need to provide their consent and bank data will be transferred instantly in the automatic mode.
Salt Edge said that, powered by its data aggregation and data enrichment solutions, Žltý melón will be able to run enhanced data analytics and automate additional parts of the verification and risk analytics process, and as a result will be able to offer clients additional discounts on interest rates for their loan.
Roman Feranec, CEO of Žltý melon, said it is important to collaborate with “trusted partners”.
“Salt Edge’s readiness and quality of product solutions, experience, and market coverage became decisive in our choice,” Feranec added.
“Collaborating with Salt Edge, we can streamline the loan request process for our clients and enhance our credit scoring algorithm, thus providing the possibility to more people to get additional funding for even better conditions.”
Salt Edge head of business development Lisa Gutu added: “We are excited to team up with Žltý melón, a project supported by strong investment groups and portfolios in its background with intuitive and clear services without hidden fees.
“We are proud to contribute to the ever-increasing number of satisfied Žltý melón customers and businesses discovering more and more Open Banking-enabled benefits.”
In July, Pleo chose Salt Edge to help it upgrade its payment services for clients across Europe.