Solifi, a global provider of software for the secured finance sector, announced the release of its latest version of Solifi Asset-Based Lending (ABL) software, the company said in a press release.
The improvements include “enhanced features aimed at fulfilling customer and lender needs, controlling risk, and streamlining processes,” the release said.
Bill Noel, chief product officer of Solifi, said: “We are always looking to enhance our ABL software to make the customer experience better, provide more control over risk, and deliver greater process efficiency through our platform.
“Our SaaS-based open finance platform enables the rapid release of new features to bring innovations to our ABL lenders and customers faster than traditional upgrade cycles and without disrupting their business.”
The company’s breakdown of the ABL software enhancements includes:
- Enhanced ABL borrower portal with 24/7 self-service functionality gives customers credit line access, financial information, and user administration – anywhere, any time – empowering them to manage their accounts, while reducing administrative tasks by lenders.
- Greater risk controls for demand deposit accounts (DDAs) – the addition of a maker checker process (e.g., dual approval to verify transaction changes) reduces the risk of unauthorized actions and internal fraud.
- EQ Riskfactor partnership provides actionable insights for ABL lenders to maximize loan performance, minimize risk, and predict creditworthiness or likelihood of defaults through artificial intelligence (AI) modelling within a single dashboard.
- Streamlined end-of-day (EOD) and end-of-month (EOM) batch processes increase ABL lender productivity by scheduling updates and fully automating repetitive daily and monthly tasks, eliminating manual checklists, improving the timeliness of reporting, and removing potential compliance breaches due to human error.