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July 7, 2021

IDS extends cloud offering to asset-based lenders

By Alejandro Gonzalez

IDS, a provider of in-the-cloud technology to the secured finance sector, has announced the migration of IDS ABL to IDScloud, its Software-as-a-service (Saas) offering, the company said in a statement. 

In a statement, IDS said the migration allows asset-based lenders “access to real-time portfolio insights to mitigate risk and ensure collateral value. The cloud also provides a more intuitive experience through the borrower portal enabling self-service funding requests and document submission.”

Bill Noel, chief product officer at IDS, said: When IDS acquired the ABL solution from Stucky in February of this year, we immediately began the process of migrating to IDScloud. 

“This is a critical path in our product strategy… to build world-class SaaS applications on our Secured Open Finance Platform and delivered through IDScloud. 

“This foundation provides IDS with the unique ability to deliver value to customers through both the application which meets the specific business need, but also through the platform which enhances the application with additional ecosystem integrations and services,” he added.

Lisa Nowak, IDS director of SaaS and marketplace platforms, said: “Our technology vision for IDScloud is to provide a scalable and secure platform to support quick delivery of any of our secured-finance applications. 

“With over 65% year-on-year growth in new customers adding over $15bn of net asset value (NAV) committed to the platform, it is clear we are meeting a market need for the efficiency gains and application support that come with a true SaaS solution. 

“With IDS ABL now on IDScloud, customers benefit from the innovation, scale, and data access of IDScloud, keeping them one step ahead of risk and competition,” she said.

Our IDS feature

In early April 2021, IDS announced its acquisition of White Clarke Group, a move that promises to create a secured finance IT powerhouse that will serve more than 300 banks, independents, OEM captives and speciality finance firms across North America, Europe and the Asia-Pacific. Alejandro Gonzalez caught up with IDS CEO David Hamilton to find out more.

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