Slovakian peer-to-peer lending platform Žltý melón has joined forces with open banking solutions provider Salt Edge to streamline its loan application process.
The tie-up provides Žltý melón with access to data from more than 2,500 banks across Europe. It hopes this will make the loan application flow frictionless for clients.
Žltý melón will also draw on Salt Edge’s data aggregation solutions to run enhanced data analytics and to automate parts of the verification and risk analytics process.
It said this would provide a 360-degree view of a borrowers’ financial situation and behaviour, which will allow the platform to offer clients additional discounts on interest rates for their loan.
“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,” explained Roman Feranec, chief executive of Žltý melón.
Salt Edge also counts global fintech lender IPF Digital amongst its clients and is currently in talks with a UK P2P platform to improve its affordability assessments, Peer2Peer Finance News revealed in early August.