Time Finance launches ID&V technology as part of their Digital Enhancement Strategy

Time Finance, a leading provider of asset finance solutions, is thrilled to announce the launch of its new ID&V (Identity Verification) technology in partnership with Nivo Solutions. This strategic 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 has 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:

Benefits for Customers:

• Enhanced Security: The app utilises cutting-edge biometric identity verification technology, providing 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 enable real-time communication with Time Finance, fostering transparency and responsiveness.

Benefits for Brokers:

• Efficiency: Automated identity verification processes reduce administrative burdens, allowing brokers to focus on delivering exceptional service to their clients.
• Enhanced Trust: By leveraging Nivo's technology, brokers can offer their customers a more secure and efficient lending experience, building trust and loyalty.

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 technology Time Finance has adopted, Steve Nichols, Director of Asset Finance says “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." 

This collaboration underscores Time Finance's dedication to innovation and customer-centric service. The ID&V technology is now live, promising a more secure and efficient lending experience.