Nova Credit Partners with Salt Edge to Bring Newcomers' Credit Histories to the US via Open Banking

Nova Credit Partners with Salt Edge to Bring Newcomers' Credit Histories to the US via Open Banking
16.09.2020 01:04 pm

Nova Credit Partners with Salt Edge to Bring Newcomers' Credit Histories to the US via Open Banking

Open Banking

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. 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. Bank data is transferred in a well-structured format, with all transactions sorted through an innovative categorisation engine based on self-learning machine algorithms.

Misha Esipov, Nova Credit Co-founder and CEO, said: "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."

Bank 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.

Vladimir Pintea, Head of Open Banking Gateway, commented: "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."

Related News

OBE, Moneyhub and Streeva Launch World's First QR Code-Based Open Banking Payments with Automated Gift Aid for Charities

Open Banking Excellence (OBE), the world’s leading community of Open Banking and Open Finance pioneers, has joined forces with Moneyhub Enterprise... Read more »

Gala Technology Selects Nuapay to Enable Open Banking Payments

Nuapay, powered by Sentenial, today announces it has been chosen by ... Read more »

Tesco Bank Introduces Mastercard’s Open Banking Connect™ for 2.6 Million Card Customers

Tesco Bank is to become the first UK bank to introduce new technology that allows its 2.6 million credit card customers to more easily manage and pay their... Read more »

TrueLayer and Freetrade Collaborate to Deliver Seamless Investing Experience Using Open Banking

TrueLayer, the leading technology company building financial infrastructure that’s open to any business, anywhere in the world, today announced its... Read more »

Businesses Predicting Multi-Million (£) Returns From Open Banking Investment, Aiding COVID Rebuild

An international study of 1,000 senior professionals from banks, lenders, retailers and Personal Finance Management tools (PFMs) in the UK and Netherlands by leading open... Read more »

Intellect Joins BIAN to Revolutionise the API-Driven Contextual Banking Technology Framework

Intellect Design Arena Ltd, a global leader in Financial Technology across Banking and Insurance, announces its membership of global banking standards... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel