ConnectedFi, a cloud-based provider of deal flow software for equipment finance brokers, has achieved its 2000th deal through its IT network that connects asset finance brokers and funders, the fintech said in a statement.
ConnectedFi’s API (application programme interface) layer is designed to improve turn-around speeds for credit decisions and reduce operational risks, the company said.
By integrating brokers’ management systems, the API lay technology allows for the funding proposal information to be sent in exactly the format required by the funder.
“This ensures that the lender gets exactly the information and attachments required to complete the credit assessment, reducing the inefficient process of having to ask for more information or having to find the information in an unstructured email. By sending the information directly into the lender’s system, unnecessary re-keying is avoided,” ConnectedFi said in a statement.
Kaushik Chakravarti, CEO and founder of ConnectedFi
Decisioning is accelerated with both funder and broker able to offer a better service to their clients, the software provider said.
Subject to the sophistication of the lender’s system, the ConnectedFi technology also allows the lender to send messages back to the broker electronically, including automated status updates, pre-populated documents for e-signing or real-time pricing.
A key benefit for brokers is that because of its integration to multiple lenders, ConnectedFi can provide straight-through processing across a range of funders, without having to log into multiple funder portals, the company said.
The ConnectedFi API layer is used by eight lenders and over 25 of the largest broker groups in the UK.
In July 2020, ConnectedFi announced that as a provider of origination software for the commercial finance industry, it had serviced over 120 intermediary firms and paid-out over £1.2bn to more than 140 funders since 2017.