UK-based specialist lender United Trust Bank (UTB) has selected Workato for enterprise automation solution to power its asset finance platform.
Through the partnership, UTB hopes to connect and integrate a variety of tools and applications into its new asset finance platform.
These tools may include automated remote ID verification, secure document upload, electronic signing, instant credit check referencing, banking system integration, and marketing and management information tools.
Last month, UTB joined forces with technology provider Alfa for its asset finance platform and it has started migrating its operations to Alfa’s platform.
UTB asset finance head of operations Louise McIntosh overseeing the migration.
The system is anticipated to accelerate the lender’s operations, allowing it to underwrite proposals and offer payouts quickly.
Alfa also offers integration with APIs, enabling UTB to connect with brokers’ proposal systems.
Workato will work by enabling both business and IT teams to integrate their apps and automate their workflows. APIs provided by Alfa will be used by Workato to build what they refer to as ‘recipes’ for all the services that the lender wishes to integrate.
United Trust Bank head of asset finance Nathan Mollett said: “The combination of Alfa and Workato will give us the ability to build a superbly specced operational platform which will simplify and accelerate deals, improve service and give us the scalability to achieve our growth objectives.
“This is a significant investment in technology which will bring many operational benefits not just to UTB’s Asset Finance business but to the Bank as a whole.”
Workato VP and GM of EMEA Robert Ekstrom said: “We are really excited about partnering with UTB and enabling the Bank to connect to and get the most out of its new core Asset Finance digital platform. Undertaking a digital transformation project can be challenging; however, UTB will reap the benefits from investing in this technology.”