We are thrilled to announce that we have teamed up with independent SME lender Time Finance who has implemented verifi’s virtual asset inspection platform with in its SME asset finance operation.
self-certifi: verifi’s game changing inspection platform
verifi’s revolutionary self-certifi inspection platform gives lenders confidence to allow finance customers, brokers, and supplying dealers to undertake their own asset inspections to support new lending and in-life portfolio management.
verifi’s platform changes the game and will allow Time Finance to save crucial time and money in assessing the existence and condition of the assets it lends against. The quality and validity of the information obtained from verifi’s self-certifi inspections can be relied upon by Time Finance without the time and cost involved in a physical inspection carried out by an independent inspector. “Legacy” inspections which involve sending an inspector to site are no longer required.
In today's landscape, asset finance lenders are increasingly recognising the need to prioritise digital transformation to remain competitive. This includes leveraging technology to streamline processes, improve customer experience, and reduce risk.
Time Finance has identified verifi’s self-certifi platform is an integral part of its own digital transformation project with the following benefits:
- Automate manual processes: reducing the time, effort, and inconsistencies involved in reviewing and booking legacy inspections and verifying the resulting reports, freeing up valuable human resources for more strategic activities.
- Enhance risk management activities: able to make much faster and more informed decisions about the assets underpinning finance approvals and comprised within the “in-life” portfolio, using data-driven automated insights and demonstrating to funders and regulatory bodies the adoption of a robust and proactive approach to preventing fraud.
- Improve customer experience: provide a rapid, more seamless experience for customers to provide supporting asset information, while maintaining the highest levels of security and compliance.
verifi's technology platform now extends Time Finance’s capability to inspect a far greater proportion of its lending portfolio, and crucially adds much greater speed to the decisioning process, applying consistent inspection standards across all deals and all of its introducing brokers.
Inspections are now being completed within minutes; not days.
verifi co-founder, Jonathan Garnett, comments: “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.
We are excited to be working with Time Finance plc and we are hopeful that this will develop into a long-standing partnership.”
Steve Nichols, Managing Director of Time Finance’s Asset Finance operations, says: “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.”
About Verifi Asset Protection Limited
verifi is a professional and trusted provider of leading-edge technology for banks and asset finance providers. The company’s "self-certifi" inspection platform allows finance customers and dealers to conduct their own asset inspections via a mobile device, eliminating the need for traditional, in-person inspections. verifi’s proprietary technology, which includes real-time image validation and geo-location tools, helps lenders mitigate fraud and risk at all stages of the finance lifecycle.
If you would like to arrange a demo of the platform and inspection tools, please contact verifi at [email protected] or Schedule A Demo
About Time Finance plc
Time Finance plc is an AIM-listed business specialising in the provision of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. UK businesses can take advantage of their multi-product offering, from Asset Finance to Invoice Finance, Business Loans and Multi-Product Solutions. Time Finance has grown rapidly and is currently undertaking a strategic plan to grow its overall lending book to over £300m+ by 2028. Time Finance operates from four locations across the UK – Bath, Reading, Manchester, and Warrington.
For more information visit www.timefinance.com
You can also follow Time Finance plc on:
Linkedin - https://www.linkedin.com/company/timefinance
X - https://x.com/time_finance
YouTube - https://www.youtube.com/@timefinance5433
