Žltý melón will implement PSD2-integrated access to clients’ bank data. Credit: Daniel Thomas on Unsplash.

Žltý melon, a Slovakia-based P2P lending platform, has joined forces with Canadian tech firm Salt Edge for open banking-enabled lending.

Under the partnership, the lender will to implement PSD2-integrated access to clients’ bank data.

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The P2P lender acts as a link between borrowers and lenders and aims to streamline the loan application process and enhance its credit scoring algorithm through this partnership.

Žltý melón expects to leverage Salt Edge’s resources to gain access to over 2,500 banks across Europe including major Slovak and Czech banks.

Salt Edge noted that its data aggregation and data enrichment solutions will enable the automation of the risk verification and risk analytics process. This means, once the client’s consent is received, bank data will be transferred automatically to Žltý melón.

Additionally, Žltý melón will gain insight into borrowers’ financial situation and behaviour, which will allow it to make better decisions.

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Žltý melón CEO Roman Feranec said: “Salt Edge’s readiness and quality of product solutions, experience, and market coverage became decisive in our choice.”

Salt Edge head of business development Lisa Gutu said: “We are excited to team up with Žltý melón, a project supported by strong investment groups and portfolios in its background with intuitive and clear services without hidden fees.

“We are proud to contribute to the ever-increasing number of satisfied Žltý melón customers and businesses discovering more and more open banking-enabled benefits.”

In April 2020, Credit Hero selected Salt Edge to reduce the lending process time.

Salt Edge rolled out its open banking platform in September 2019.