Nova Credit taps Salt Edge

The new partnership is aimed at improving the consumer’s access to products like credit cards and loans in the US.

When a person moves to the US, a lack of local credit history makes it difficult for US 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 UK, among others. 

After receiving an applicant’s consent to share their international banking data, Nova Credit normalises it based on US 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 a categorisation engine based on self-learning machine algorithms.

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.