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Technology Time Finance launches ID&V technology as part of digital enhancement strategy Published: 17th May 2024 Share Steve Nichols Director of Asset Finance, Time Finance Time Finance has announced the launch of its new ID&V (identity verification) technology in partnership with Nivo Solutions. This collaboration marks a significant milestone for the asset finance lender, in providing technology which enhances its customer’s 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 partnered with Nivo Solutions to introduce advanced biometric identity verification technology in a simple to download app. The new ID&V technology offers a range of benefits to customers and brokers including enhanced security and trust, efficiency, transparent communication, and a streamlined customer experience. 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 new technology, Steve Nichols, Director of Asset Finance at Time Finance noted: “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 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.” Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories TechnologyGlobal banks step up AI communications TechnologyLeasepath and Great American Insurance Group join forces TechnologyAmericorp elevates equipment finance operations with LTi