Time Finance, a leading provider of asset finance solutions, is delighted to announce the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions. This strategic collaboration represents a significant milestone for the asset finance lender, enhancing its customers’ experience when undertaking an Asset Finance deal.
Identity fraud remains a prevalent issue in the asset finance sector, posing risks to both lenders and customers alike. Traditional methods of identity verification often involve manual processes that are time-consuming and prone to errors. Recognising these challenges, Time Finance has partnered with Nivo Solutions to introduce advanced biometric identity verification technology via a simple-to-download app.
The new ID&V technology offers a range of benefits to customers and brokers:
Benefits for Customers:
- Enhanced Security: The app utilises cutting-edge biometric identity verification technology, providing a safer and more secure application process.
- Streamlined Experience: Customers can enjoy a seamless application journey, with reduced paperwork and faster turnaround times.
- Transparent Communication: Secure instant messaging features enable real-time communication with Time Finance, fostering transparency and responsiveness.
Benefits for Brokers:
- Efficiency: Automated identity verification processes reduce administrative burdens, allowing brokers to focus on delivering exceptional service to their clients.
- Enhanced Trust: By leveraging Nivo’s technology, brokers can offer their customers a more secure and efficient lending experience, building trust and loyalty.
The technology provided by Nivo also includes E-signature functionality, enabling Time Finance to increase its E-signature document limit from £100k to £250k.
Speaking of the partnership and the technology Time Finance has adopted, Steve Nichols, Director of Asset Finance, says, “We are 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, said, “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.”
This collaboration underscores Time Finance’s dedication to innovation and customer-centric service. The ID&V technology is now live, promising a more secure and efficient lending experience.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
