Time Finance has launched new ID&V (Identity Verification) technology in partnership with Nivo Solutions.
Identity fraud is a significant issue in the asset finance sector, with traditional methods often being manual and error-prone. To address this, Time Finance has introduced biometric identity verification technology through an app.
The new technology offers enhanced security and a streamlined application process for customers. For brokers, it increases efficiency and trust, with automated identity verification and secure instant messaging. The technology also includes E-signature functionality, raising Time Finance’s document limit from £100,000 to £250,000.
Steve Nichols, director of asset finance, added: “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.”
