Fraud Prevention in the Financing of Mobile Assets
PS-Team supports banks and leasing companies in maintaining control over mobile loan collaterals.
As a process service provider of leading European banks, including numerous financial institutions of car manufacturers, as well as full-service leasing companies, the company has applied self-developed service solutions for almost 35 years, which are currently available as a software-as-a-service (SaaS).
It also provides platforms and mobile applications that support banks in the digitalisation of procedures and allow them to offer flexible payment models such as pay-per-use.
European market leader for inventory audits
As the largest service provider in Europe, PS-Team conducts 30,000 inventory audits annually with more than 750,000 vehicles, to prevent the loss of loan collaterals and document their condition. In the field of outsourcing, the expert asset specialist teams also audit purchased financed vehicles, machines and plants, as well as other company assets such as IT equipment.
Audits are carried out throughout the European Economic Area and based on profound industry know-how. Banks also use this knowledge to determine the current value of an asset and verify assigned receivables in the run-up to the prolongation of a leasing contract.
Digital inventory audits
In addition to physical audits, PS-Team offers a digital inventory audit solution with PS SelfCheck.
The app allows them to conduct audits themselves and integrate them into their operational workflows. To do so, they download the app to their smartphone. The bank informs them about the period they must prove the existence of specified vehicles. As a rule, they use short video sequences with OCR recognition to read out the VIN on the windscreen. It is also possible to take serial images or individual photos.
Comprehensive support material such as step by step guidance and explanatory videos allow the car dealer to conduct the digital inventory audit.
Overall audit management
PS-Team coordinates the audits in an integrated system called PS FloorCheck.
With a web application, all orders are integrated, prepared, planned and documented. This allows bank or leasing company management to readily obtain information about the status of the audits, as well as the existence and the condition of assets. They can also assess the results via standardised result codes (check digits).
It is also possible to integrate solutions for the digital inventory audit into the web application so that all flows and findings are consolidated in a single system.
Video app for object recordings
The PS LiveStream video app allows users to remotely review complex objects. The app is specially designed for video conferences within the framework of industrial object recordings and allows for comprehensive documentation of the condition of an asset.
Through an easily understandable, clearly structured workflow, video sessions are planned, conducted and processed. The collected information, video sequences, images and logs, are available to all those involved in the process. Time and costs of physical inspections can be saved for the inventory audit. Asset specialists can log any phase of the financing directly from their workplace into the app and guide the person at the machine or industrial plant around the object. Photo and video recordings are triggered by them remotely.
Largest document trustee in Europe
As the largest document trustee in Europe, PS-Team relies on an archive with around 3.3 million vehicle documents with an average of 30,000 individual movements a day.
Moreover, there are 130,000 car keys and accessories with an average of 60,000 movements a month. The building is designed with comprehensive security measures and meets the requirements of risk management for the fiduciary administration and archiving of documents associated with loan collaterals. Document falsification and fraud, as well as the loss of documents, are minimised in this way.
Since they are electronically recorded, they can be retrieved at any time, and bank employees can check the document-related status when needed. Workflows such as releases are individually co-ordinated with the financing partners. This ensures security throughout the entire financing lifecycle.
Asset register for fraud prevention
With the PS DataCollect asset register, banks and leasing companies protect their mobile assets against double, multiple and air financing. The participating banks regularly upload the data of assets financed by them.
PS-Team matches the data anonymously and automatically identifies assets that appear several times. Through a standardised escalation process, the financing companies concerned are informed. Irregularities and fraud are detected and can be settled at an early stage.
Pay-per-use platform for use-dependent leasing
Through the pay-per-use platform SE.M.LABS, leasing companies and banks access user data from machines and operating plants. In this way, they have a transparent basis for use-dependent invoicing models.
Financial institutions step up their competitiveness through the solution developed by the pay-per-use specialists since they can offer debtors new attractive financing offers. SE.M.LABS reads out the user data automatically, checks and aggregates them and processes them in conformity with leasing requirements. Since the pay-per-use platform consolidates heterogeneous dataflows, banks do not need special interfaces to use the data.
They can settle through the SaaS platform use-based costs without internal and external implementation efforts. The higher risks of use-dependent invoicing are cushioned by SE.M.LABS with a clearly structured and transparent representation of all contracts, fair value and residual value.
For almost 35 years, PS-Team has taken over all tasks around commercially used vehicles and covers the entire lifecycle of mobility.
Based in the Rhein-Main region in Germany, the owner-managed, mid-sized company supports leasing companies not only in fleet management but offers financial institutions a broad range of products for fraud prevention.