A digital platform designed to help UK asset-based lenders combat fraud and improve their asset inspections has been launched by VeriFI AssetProtection, a business fronted by a commercial lawyer.
The platform works by recording hi-res imagery and data based on the type of asset being inspected and uses AI algorithms to check the inspection data and reports back to the lender. This allows for verification of the existence and condition of the asset.
VeriFI AssetProtection was co-founded by Jonathan Garnett in January 2022, in response to the Arena TV debacle.
Garnett said: “We’ve got algorithms running in the background that effectively will give a red flag in the report. It will say ‘These are the GPS coordinates of where the inspection took place…..if this doesn’t match where it’s supposed to be; the system red flags the inspection to the lender at reporting stage.”
The inspection application collects meta-data such as geolocation information, meaning it records the time and location of where the asset inspection was performed.
The ‘closed system’ inspection processes data in milliseconds. The system will not allow images of assets to be uploaded from any other source. Lenders will be automatically alerted if, for example, the asset is not in the location it is expected to be.
Garnett is a 25-year qualified commercial lawyer. He spent 10 years in private practice working for large law firms, specialising in IT and intellectual property licensing.
After leaving private practice, Garnett worked in-house in the fintech sector and then spent a decade as a tech lawyer in the global gambling sector.
Garnett founded the company with Jake McAllister, VeriFI’s chief technology officer. McAllister has more than a decade of experience in software engineering. His expertise lies in developing bespoke omnichannel CRM platforms which are capable of handling huge amounts of interactions per day.