Salt Edge to boost mortgage process for Irish FinTech OnlineApplication

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Irish FinTech OnlineApplication has selected open banking solutions provider, Salt Edge’s data aggregation solution in a bid to reduce the time taken for filling out mortgage applications. The open banking provider’s solution is expected to enable the FinTech to deliver quick banking information within the mortgage application, thus providing a full breakdown of all expenditure and information required.

“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,” said Karl Deeter, founder of OnlineApplication.

According to SaltEdge, the partnership will allow lenders to access real-time financial data for verifying the applicant’s identity, account number, income sources, and account balance. OnlineApplication claims to shorten the mortgage application process to 7 minutes via Open Banking and allow users to upload their bank statements and avoid the traditional red tape that comes with a mortgage application.

Recently, UK-based FinTech HyperJar selected open banking solutions provider, Salt Edge, in a bid to achieve PSD2 compliance and develop new open banking capabilities. The collaboration enables the FinTech’s customers to connect their accounts to third party applications (TPPs) and view their HyperJar transactions.