Time Finance, the Bath-headquartered alternative finance lender, has launched technology to help tackle identity fraud in the asset finance sector.
Describing the ID&V (identity verification) technology as a significant milestone for the business, the firm said the move would further enhance its customers’ experience when completing an asset finance deal.
Time finance, which specialises in asset, loan and invoice finance products, said Identity fraud remained a prevalent issue in the asset finance sector, posing risks to both lenders and customers.
Traditional methods of identity verification often involved manual processes that were time-consuming and prone to errors.
To help combat the crime, Time Finance has partnered with Manchester-based online financial security firm Nivo Solutions to introduce the advanced biometric identity verification technology in a simple to download app.
The technology provided by Nivo also includes e-signature functionality which has enabled Time Finance to increase its e-signature document limit from £100,000 to £250,000.
Time Finance said the app’s benefits to customers including:
- Enhanced Security – as it uses cutting-edge biometric identity verification technology to provide a safer and more secure application process.
- Streamlined Experience – so customers can enjoy a seamless application journey, with reduced paperwork and faster turnaround times.
- Transparent Communication – with secure instant messaging features enabling real-time communication with Time Finance, fostering transparency and responsiveness.
The benefits for brokers include:
- Efficiency – its automated identity verification processes reduces administrative burdens, allowing brokers to focus on delivering exceptional service to their clients.
- Enhanced Trust – brokers can offer their customers a more secure and efficient lending experience, building trust and loyalty, by leveraging Nivo’s technology.
Time Finance director of asset finance Steve Nichols, pictured, said: “We are on a journey which is committed to leveraging innovative technology to improve the customer experience.
“The app will enable us to speed up our ID&V process, which inevitably means we will be paying out deals more quickly.
“Our partnership with Nivo Solutions represents a proactive step towards the industry embracing digital transformation.”
Nivo CCO Matthew Elliott added: “The combination of a verified identity with instant messaging in a secure mobile app can make things so much easier and safer for customers and brokers, and we believe it can be a foundation for revolutionising the industry.”
