UK-based specialist lender United Trust Bank (UTB) has selected technology provider Alfa to strengthen its asset finance business.
As part of the collaboration, UTB has started migrating its asset finance operations to the Alfa System software.
The integration is anticipated to accelerate UTB’s operations, allowing it to quickly underwrite proposals and offer payouts.
Alfa also offers integration with APIs, enabling the lender to connect with brokers’ proposal system.
Furthermore, Alfa provides an auto-underwriting feature for proposals that fall into pre-set parameters.
Louise McIntosh, who is the asset finance head of operations at UTB, will oversee the migration, which is expected to start benefitting clients by the end of this year.
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United Trust Bank head of asset finance Nathan Mollett said: “This is a substantial investment in technology which will kick-start a digital revolution at UTB Asset Finance and give us the operational platform we need to enable our future growth and maintain high levels of broker service.
“This partnership with Alfa will give us greater capability and automation of routine tasks, accelerating servicing and allowing us to free up skilled people, enabling them to add value in ways only human interaction can.”
Alfa CEO Andrew Denton said: “We are proud that Nathan, Louise and the team have chosen Alfa to provide the technology foundation to make them future-ready; a scalable, agile platform that allows them to fulfil their growth ambitions whilst maintaining their differentiation.”
Last month, Lloyds Bank allied with Alfa to enhance its asset finance offering.