Nova Credit taps Salt Edge to enhance access to finance for newcomers to the US via 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.

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.

Misha Esipov, Nova Credit Co-founder and CEO

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.

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.

Vladimir Pintea, Head of Open Banking Gateway

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 5000+ financial institutions in 50+ countries.

More information: www.saltedge.com
Phone number: +1-437-886-3969
Email: press@saltedge.com

About Nova Credit

Nova Credit is the premier cross-border credit reporting agency. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. Nova Credit translates international credit data into a U.S.-equivalent score and reports in a format familiar to American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, the firm has a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.

More information: www.novacredit.com
Email: media@novacredit.com

Salt Edge report

Discover what is the current state of open banking payments in Europe in 2021

Download now

Related articles

3 min read Apr 2019

Salt Edge released 60+ PSD2 API sandboxes

On March 14, Salt Edge released 60+ PSD2 sandboxes, after building them for the financial institutions in a couple of weeks time. The launch of these sandboxes for third party testing enabled the ASPSPs to meet the first major PSD2 deadline. PSD2 and the RTS on SCA & CSC impose…

4 min read Aug 2021

Žltý melón and Salt Edge partner for open banking-enabled lending

Žltý melón, a Slovak P2P lending platform, joined forces with Salt Edge, leader in developing open banking solutions, to implement PSD2-integrated access to clients’ bank data and streamline the loan application journey. Current uncertain market conditions created an urgency for instant and simplified alternatives to bank loans. P2P lending, also…

3 min read Apr 2022

Newly launched TPP Verification by Salt Edge consolidates security, exactly as PSD2 requires

Salt Edge announces the launch of a new open banking solution on the European market – TPP Verification. The solution simplifies ASPSPs’ efforts in checking the third-party providers trying to access users’ account data. To keep customers’ accounts safe, ASPSPs are obliged by PSD2 to have a mechanism for TPPs…

3 min read Aug 2020

Salt Edge joins SME Finance Forum global network

Salt Edge, a leader in developing open banking solutions, becomes a member of the SME Finance Forum. It was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 and unites financial institutions, banks, and fintechs from across the globe encouraging SMEs through knowledge exchange, policy change, and…