Nivo has launched a new B2B digital messenger service following feedback from its recently formed second charge lenders technology steering committee.

It is designed to eliminate the need for unsecure email and post in response to a push to cut the ‘back and forth’ between brokers and lenders.

Several members of the lender committee contributed to the development of the service with Optimum Credit, United Trust Bank and Freedom Finance already running cases.

Conveyancer brands on Nivo, along with lenders Central Trust, Norton and Shawbrook Bank are also planning to implement the service within the next few weeks. 

The new beta service was developed and implemented within five weeks of the inaugural meeting.

The new service enables subscribing lenders and their invited broker introducers to securely message each other through the course of a loan case. It allows for instant sharing of key customer evidence such as biometric ID results, E-signed agreements, payslips and bank statements, and makes all relevant information much easier to find in one easy to follow conversation trail.

Nico claims that it overcomes the shortcomings of many lenders’ existing processes such as lower levels of security in email communications, patchy audit trails, and fragmented bits of information in different places – which together were causing confusion, delays and mistakes.

Key features of the new Nivo B2B service include:

• Seamless and secure transfer of selected pieces of customer data from a broker to a lender with instant messaging between them to move deals forward faster
• Sharing key evidence at the touch of a button – including biometric ID checks, E-signed agreements, payslips and bank statements gathered from customers through Nivo’s secure mobile app
• All information associated with a loan case is brought into one thread, organised, easily referenceable, and available to all agents in a single contextual channel

Craig Collins, wholesale director at Optimum Credit said: “As we move away from our reliance on email, we are focused on making things easier for brokers. This solution meets the needs raised by the lender steer co, we’re pleased to have launched its beta version quickly, and we’re excited by combining our market expertise with Nivo’s technology to keep improving it at a rapid pace.

“We’re already developing the next phase, including dynamic needs lists, which will provide a real time view of items which are still outstanding on the route to a loan completion. Ultimately, we plan to integrate the Nivo technology into our existing systems ensuring all brokers benefit from these developments to create value for lenders, brokers and customers alike.”

Mat Elliott (pictured), chief development officer at Nivo, added: “We created the second charge lenders technology steering committee with the intention of driving innovation and digital change in the second charge sector. The key takeaway from the first session was the importance of speed in the application process and a real need to improve broker-ender engagement, especially around reducing the effort involved during the back and forth communication around what lenders need from brokers.

“Now, little more than a month after our first meeting, we have implemented a solution that it’s out there, delivering results, and gathering feedback. We listened to the lenders, analysed the issue, and developed a solution. It is exactly what the steering committee was set up to achieve.

“Technology will play a significant role in driving the recovery and growth of the second charge market. Most of the biggest lenders in the sector have agreed to work together to discuss and participate in helping to develop digital solutions to benefit the industry. I see this as the start of something transformational, shaped by the key players, brought to life through our platform and driven to market with our partners.”