NIBC Bank from the Netherlands joined forces with Salt Edge, leader in developing open banking solutions, to combine their lending expertise with open banking-enabled data analytics to refine loan monitoring processes.

Modern banks are keen to streamline the digital transformation, enabling real-time monitoring and effective access to transaction data to make proper decisions. Last year’s challenging market conditions made banks and lending institutions face a new and unfamiliar environment, in which access to up-to-date relevant data has become even more crucial. Open banking solutions are proving to be essential in such conditions. It becomes pivotal for instant loan monitoring that is based on benchmark metrics, including balance sheets, income statements, and cash flow characteristics, to monitor the borrower’s financial health. Such transparency and insights ensure that the lender is protected and the borrower gets the best customer experience and conditions.

NIBC Bank was established in 1945 and has vast experience in providing amongst others corporate banking services, risk management, and investment governance solutions to corporations, financial institutions, and institutional investors. Salt Edge’s bank data aggregation solution makes it possible to have a single overview with all account information, which helps NIBC Bank to save time and resources by quickly identifying red flags that would suggest any threats to the borrower’s financial health. Salt Edge data aggregation aims to support NIBC Bank’s lending process by providing technical support for more efficient loan monitoring based on cash flow analyses.

NIBC’s inventive culture is the driving force behind new ways to support our corporate clients as evidenced by this cooperation between NIBC’s Operations, FinTech, Mobility and Structured Finance and Innovation Lab teams. The cooperation with Salt Edge helps us to spend less time as we have direct access to all the financial data we need in one tool. But that’s definitely not the end goal as have plans to roll-out ideas that help to make smarter business decisions based on direct and reliable data.

Duncan de Vries, Innovation Lab at NIBC Bank

NIBC Bank implements a targeted strategy for mainstreaming data-focused credit assessments. Transaction categorisation features in the scope of the Salt Edge Data Enrichment platform will enable NIBC Bank to turn the raw and bulky data into meaningful real-time actionable insights that help to forecast performance capabilities and to make smarter lending decisions. Leveraging Salt Edge data aggregation toolkit will enable NIBC Bank to analyse cash flows and ultimately provide better risk assessments for their North West European customers that help to offer products that make a difference.

Open banking technology saves time for our clients and ourselves. This partnership will make it possible to continue to make a difference for our clients by having even more efficient processes via the platform. Having access to the data on a more frequent basis will enable us to support our clients faster and more efficient.

Jeroen Conijn, FinTech, Mobility & Structured Finance at NIBC Bank

The Salt Edge open banking solution provides NIBC Bank’s Investor Services team secure access to all required account data through one portal. We are in the process of setting up the dashboards to match our requirements, but we already see opportunities to improve the processing of the data. In next steps, the API’s will enable us to include the data in our applications even more automated.

Daniella Steenbergen, Investor Services at NIBC Bank

Here at Salt Edge, we are delighted to partner with NIBC Bank to emphasize once more that open banking applicability goes far outside the bounds of compliance perspective. Salt Edge data aggregation and data enrichment solutions will support NIBC Bank in its journey to be able to make quicker and more informed credit decisions, creating bespoke products to suit the customer’s needs. NIBC Bank observed a real opportunity to use open banking technology differently, leveraging innovative tools to obtain meaningful insights into borrowers’ behavior, credit events, probability of default, and Salt Edge is happy to encourage such a tendency. Vasile Valcov, VP at Salt Edge