Salt Edge to boost lending decision-making process for Forward Advances

By Megha Bhattacharya

UK revenue-based financing solution (RBF) provider Forward Advances has selected open banking solutions provider Salt Edge in a bid to get instant access to aggregated bank data for making better lending decisions. The partnership is expected to accelerate the lending process for Forward Advances, boosting security and availability.

“Salt Edge data-driven open banking toolkit helps Forward Advances provide our customers with a better experience and deploy much-needed capital to small businesses so they can concentrate on growing. Salt Edge’s solution stood out with the business categorisation offering that is not supported by most open banking providers,” said Hasam Silva, Managing Director at Forward Advances.

According to Salt Edge, its Partner Program helps Forward Advances to understand customers’ businesses, offer immediate access to required data aggregated from UK banks, without having their own AISP licence, verify applicant’s business performance and streamline the lending decision-making process. Forward Advances will be leveraging data enrichment tools for business transaction categorisation and financial insights.

Recently, Germany-based accounting app Sorted selected the open banking solutions provider in a bid to gain instant access to banking data, thus making its accounting processes more efficient. Sorted’s accounting app helps freelancers with their taxes and enables them to reduce their accounting expenses.

“Partnering with Forward Advances we feel a special responsibility and honor to support and even accelerate businesses’ development by bypassing complex eligibility checks and removing exhausting bureaucratic procedures in the process of acquiring additional funding. Using Salt Edge’s open banking technology, Forward Advances obtains deep and real-time insights that allow them to understand their customers’ businesses quickly,” said Vladimir Pintea, Head of Open Banking Gateway at Salt Edge.