Time Finance has announced the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions.

The firm says identity fraud remains a prevalent issue in the asset finance sector, posing risks to both lenders and customers alike and argues that traditional methods of identity verification often involve manual processes that are time-consuming and prone to errors.

In response, Time Finance has partnered with Nivo Solutions to introduce advanced biometric identity verification technology in an app.

The technology provided by Nivo also includes e-signature functionality, Enabling Time Finance to increase its e-signature document limit from £100k to £250k.

Steve Nichols, director of asset finance, said: “We are on a journey which is committed to leveraging innovative technology to improve the customer experience. The app will enable us to speed up our ID&V process which inevitably means we will be paying out deals more quickly. Our partnership with Nivo Solutions represents a proactive step towards the industry embracing digital transformation.”

Matthew Elliott, CCO of Nivo, added: “We are excited to partner with Time Finance to deliver this ID&V technology. The combination of a verified identity with instant messaging in a secure mobile app can make things so much easier and safer for customers and brokers, and we believe it can be a foundation for revolutionising the industry.”