UK-based lender Ultimate Finance has adopted a virtual asset inspection platform from verifi to enhance its service model by utilising technology.
Ultimate Finance’s digital strategy employs open banking and accounting to access real-time financial data, facilitating quicker lending decisions.
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The addition of the latest tools is expected to improve the asset finance process.
The self-certifi platform allows for asset inspections to be conducted by the lender’s customers, brokers, and dealers themselves, which can result in considerable savings in both time and expenses.
It also provides data-driven insights and employs AI to prevent fraud by verifying assets’ existence and condition.
verifi co-founder Jonathan Garnett said: ”Ultimate Finance’s reputation for combining tailored, relationship-based lending with a forward-thinking digital approach makes them a perfect partner for us. They understand that technology should enhance, not replace, the human element of finance.
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By GlobalData“Our virtual inspection technology directly supports their mission to provide fast, flexible, and high-quality funding solutions, further strengthening their position as a top-tier UK lender.”
The adoption is expected to automate previously manual processes, thus freeing up resources for tasks that contribute to Ultimate Finance’s growth objectives.
Ultimate Finance Asset Finance operations head Simon Gregory said: “This collaboration marks a key step forward in our commitment to innovation. By integrating verifi’s platform, we’re aiming to significantly boost both the accuracy and efficiency of our asset inspections, which will speed up the process to verify the asset and release funds for asset financing.
“We’ve been impressed with the smooth implementation of the digital application into our operating procedures and look forward to the continued partnership with the verifi team.”
Last month, Kingsley Asset Finance in the UK integrated verifi’s virtual asset inspection platform, aiming to enhance its digital offerings and service quality for clients and brokers.
