Time Finance launches ID&V technology as part of digital enhancement strategy

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.”