Time Finance, a UK asset finance provider for SMEs, has unveiled its new ID&V (Identity Verification) technology in collaboration with Nivo Solutions. This partnership introduces sophisticated biometric identity verification technology through a downloadable app.
Nivo’s technology also incorporates E-signature functionality, permitting Time Finance to increase its E-signature document limit from £100,000 to £250,000.
Steve Nichols, Director of Asset Finance at Time Finance, commented: “We are dedicated to leveraging innovative technology to enhance the customer experience. The app will expedite our ID&V process, enabling us to finalise deals more swiftly. Our partnership with Nivo Solutions is a proactive step towards the industry’s adoption of digital transformation.”
According to a press release, the new ID&V technology offers numerous advantages:
For Customers:
- Enhanced Security: The app employs “state-of-the-art biometric identity verification technology,” ensuring a safer and more secure application process.
- Streamlined Experience: Customers can benefit from a “smooth application journey,” with less paperwork and quicker turnaround times.
- Transparent Communication: Secure instant messaging features enable real-time communication with Time Finance, promoting transparency and responsiveness.
For Brokers:
- Efficiency: Automated identity verification processes reduce administrative burdens, allowing brokers to focus on providing exceptional service.
- Enhanced Trust: By using Nivo technology, brokers can offer a more secure and efficient lending experience, fostering trust and loyalty.
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.
