About 50 commercial broker and funder representatives gathered at Lord’s Cricket Ground on 5 October to hear about the latest update to FXE Technologies’ asset finance hub.
FXET’s SmartFinance Hub operates as a ‘white-labelled’ digital engine that brokers can use on their client-facing websites “that instantly assesses proposals against appetite across a funder panel and embeds compliant processes at the heart of the proposal management process,” the company said.
Last week’s SmartFinance Hub launch signals a widening of the product offering “so that brokers can connect to all funders they are working with,” said Katrin Herrling, CEO at FXE Technologies, and comes at a time when average lending rates for small businesses are rising.
On the launch of the SmartFinance Hub, Herring said: “We have been working with brokers and funders since 2021, powering through SmartFinance Hub the assessment of lending proposals for prominent funders in the asset finance industry. We have demonstrated that our digital proposal management solution cuts the time to decisions to hours and reduces the need for documentation by 50%.
“We are now making SmartFinance Hub available to brokers and funders to connect seamlessly. Giving brokers a single portal to connect to funders and get instant feedback on the fit of a proposal. While giving funders the tools to manage their broker channel efficiently, providing faster decisions and gaining comfort that compliant processes are being followed,” she added
Philip White, of The Broker Hub, said: “What FXE Technologies has devised is a significant leap forward to delivering efficiencies in SME lending. The team from FXET have worked closely with the market to devise a platform that provides benefits and advantages for both lenders and brokers. It will enable both parties to evidence compliant processes as well as seek out the best deals and funding solutions for their clients and complete them more efficiently. I’m very excited about seeing this platform being adopted across the industry and driving change.”
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FXET says the platform offers full autonomy to brokers and underwriters when agreeing on deals: “Recognising the nuanced decisions that are often required in the asset finance space, the platform creates instant visibility on ‘fit’ to brokers and funders but leaves decisions in the hands of experienced professionals.”
In a statement, FXET said SmartFinance Hub:
- Delivers a single journey and instant assessment outcomes across a panel of funders.
- Provides brokers with digital tools that enable them to maintain funding lines and deliver access to the best funding solutions.
- Supports consistent delivery against regulatory codes and auditing standards, for example by capturing the needs of customers or the source of introduction for every proposal.