Time Finance has strengthened its technology strategy by adopting a new virtual asset inspection platform as part of its wider digital enhancement programme.
The independent SME lender has partnered with verifi to launch the “self-certifi” inspection tool, which allows businesses and brokers to carry out virtual checks on assets when arranging finance or refinancing existing equipment.
The lender said the move will cut both the cost and time associated with traditional physical inspections.
The initiative marks the latest step in Time Finance’s investment in digital solutions aimed at streamlining processes, improving customer experience and tightening risk controls across its SME lending portfolio.
Steve Nichols, managing director of asset finance at Time Finance, said: “With our continued growth and strategy to utilise technology as an enabler, we needed a trusted and reliable technology partner that could integrate seamlessly with our existing processes.
“Verifi enables us to carry on managing the risks in our business, whilst continuing to support our brokers, suppliers and customers with the high level of service they are used to receiving from us.
“The verifi platform allows us to inspect more assets at all stages and collect consistent and usable information quickly and cost effectively to inform our lending and risk management decisions across the entire SME-lending portfolio.
“We are confident that verifi will be an important partner to help manage risk in our asset finance operations moving forwards.”
Jonathan Garnett, co-founder of verifi, added: “The asset finance sector is undergoing a significant shift, driven by the need for digital transformation, increased efficiency, and enhanced risk management, all against a challenging backdrop of margin pressure, higher interest rates, and ever-increasing competition to provide the best customer experience. Lenders are under pressure to adapt.
“We are delighted that Time Finance have placed their trust in verifi to help them utilise our innovative platform to improve asset inspection activities across their growing SME lending portfolio.
“We developed the platform with a singular focus to raise the bar for asset inspections across the UK asset-based-lending industry. Everything we do is premised on our core value: ‘If better is possible, good is not enough.’”
