Solifi has announced that its software-as-a-service (SaaS) solution Solifi Asset-Based Lending (ABL) now supports over $1bn in outstanding loans on its open finance platform.

the company also claims that in less than a year Solifi’s ABL borrower portal user traffic surged almost four-fold.

Solifi chief product officer Bill Noel said: “We are committed to providing ABL lenders with the technology tools they need to achieve their business goals.”

Concurrently, Solifi announced the latest release of Solifi ABL software, which includes new features that enhance borrower experience, provide insights into portfolio risk and increase efficiency.

Specifically, the update adds a self-service functionality for borrowers and enhanced risk management monitoring to offer a more accurate representation of funds borrowed and the available collateral.

Additionally, the Solifi ABL software will support auditing by enabling lenders to retrieve data from historical spreadsheets and databases on forgone customers.

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Noel said: “Our latest ABL software release eliminates time-consuming, low-value activities with more self-service capabilities, a clear, near-real-time view of portfolio risk, and easier access to historical data for audit compliance.

“With our SaaS-based open finance platform, we bring new features to our ABL lenders on a quarterly basis, allowing them to focus on growing their portfolio without being distracted by on-site upgrades.”

In June this year, Solifi formed a technology alliance with EQ Riskfactor to provide ABL customers with insights about collateral risk and performance.