Irish firm teams up with Salt Edge to simplify mortgage process
Irish fintech firm OnlineApplication works with Salt Edge, a leader in developing open banking solutions, to help the entire mortgage market ease and shorten the traditionally cumbersome mortgage application process to minutes.
Salt Edge’s data aggregation solution enables OnlineApplication deliver instant banking information within a mortgage application to include a full breakdown of all expenditure and other things that a broker or underwriter would normally be looking for.
The collaboration will also allow lenders access to real-time financial data so they can verify the applicant’s identity, account number, income sources, and account balance.
While the usual mortgage application takes weeks due to meetings, initial application, paperwork, assessments and so on, now OnlineApplication can shorten this time to 7 minutes via open banking. The partnership will allow consumers to upload their bank statements within seconds and avoid the traditional red tape that comes with a mortgage application.
We will be able to get a full suite of bank data for any regulated lender in this country within seconds, meaning loan applications can be assessed quicker. In the Irish market that’s a new proposition.
Using Salt Edge’s financial insights solution, a detailed financial report generated instantly based on complex algorithms, enables OnlineApplication to help lenders better assess applications and, in theory, reduce the risk of bad debts.
Discover the full Salt Edge coverage to find out if our services are available in your country.
About Salt Edge
Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5800+ financial institutions in 60+ countries.
More information: www.saltedge.com
Phone number: +1-437-886-3969
OnlineApplication is a fintech company that has developed an online platform that helps brokers link into financial institutions. This way they can serve their clients in a compliant, fast and efficient manner. Our aim is to make financial services easier, faster, and better for everybody by utilising the latest mobile technology, machine learning, and document management so that intermediaries can deliver big box solutions at a reasonable price.
More information: www.onlineapplication.ie
Phone number: +353-1-6339243
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