Time Finance, a UK asset finance provider to SMEs, has launched ID&V (Identity Verification) technology in partnership with Nivo Solutions. This collaboration introduces advanced biometric identity verification technology through a downloadable app.

According to a press release, the new ID&V technology offers various benefits:

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For Customers:

  • Enhanced Security: The app uses “cutting-edge biometric identity verification technology,” ensuring 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 allow real-time communication with Time Finance, promoting transparency and responsiveness.

For Brokers:

  • Efficiency: Automated identity verification processes reduce administrative burdens, enabling brokers to focus on delivering exceptional service.
  • Enhanced Trust: When using Nivo technology, brokers can offer a more secure and efficient lending experience, building trust and loyalty.

Nivo’s technology also includes E-signature functionality, allowing Time Finance to increase its E-signature document limit from £100k to £250k.

Steve Nichols, Director of Asset Finance at Time Finance, said: “We are committed to leveraging innovative technology to improve the customer experience. The app will speed up our ID&V process, allowing us to finalise deals more quickly. Our partnership with Nivo Solutions represents a proactive step towards the industry embracing digital transformation.”

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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 makes things easier and safer for customers and brokers, and we believe it can revolutionise the industry.”

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