Open banking solutions provider Salt Edge is in talks with a UK peer-to-peer lending platform to improve its affordability assessments, Peer2Peer Finance News can reveal.
The European fintech already works with P2P platforms on the continent such as Zlty Melon, based in Czech Republic and Slovakia, Levenue in the Netherlands and Estonia’s Fagura.
Lisa Gutu, head of business development at Salt Edge, said the software provider works with platforms to implement the data-sharing technology to improve their affordability assessments by giving them access to real-time transactions of borrowers, improving processes via automation and for payments.
“We’re in talks with several more platforms, our primary and ultimate goal is linking more banks and platforms for open banking,” said Gutu.
“We’re in the final stages of finalising an agreement with both UK and European platforms. In Europe we have more, in the UK we hope to connect our first platform by September, it depends on the integration on their side.
“We offer open banking for platforms for affordability checks – it’s critical to assess whether potential borrowers can repay. With open banking, P2P platforms can get open access to financial statements directly from the bank accounts, so they are on top of spending patterns and income and can mix it with their internal algorithms.
“And using open banking payments, investors can invest, and the borrower can repay, directly from the bank account, without cards.”