Data visualisation service for finance specialists launched by Kyriba

Financial management solutions company Kyriba has launched a new service to help finance executives manage the threat of ‘data overload’. Its new business intelligence service aims to go beyond standard reporting by visualising data to make it quicker and easier to make decisions based on available information. The solution, announced at the AFP 2018 Conference in Chicago, provides instant access to current and historical data hosted by Kyriba.

Data visualisation service for finance specialists launched by Kyriba

Nov 12, 2018

Finance group 1pm plans business expansion following fintech partnership with Quotevine

A strategic plan to create a single vision from a portfolio of separate businesses has prompted a major investment in technology at UK finance company 1pm. The AIM-listed business (the name is derived from ‘one payment monthly’) has grown significantly in recent years following a series of acquisitions covering asset finance, invoice finance, loans and vehicle finance. In addition to One pm Finance, its brands include Academy Leasing (acquired in 2015), Bradgate Business Finance (acquired in 2016); and several businesses acquired in 2017, Positive Cashflow Finance, Gener8 Finance, Intelligent Loans and Car Finance 2U.

Finance group 1pm plans business expansion following fintech partnership with Quotevine

Nov 12, 2018

New MD joins Close Brothers Asset Finance Germany to lead growing team

Joachim Otto has been appointed to lead the German arm of Close Brothers Asset Finance. Otto (pictured) joins from IKB Leasing and is a leasing specialist with more than 30 years’ experience in the industry. His background includes sales and sales management; business development and general management. Steve Gee, CEO of Close Brothers Asset Finance’s industrial equipment division, said: “We are delighted to welcome Joachim to the team. His considerable experience and knowledge of the German leasing market make him perfectly placed to lead our team and help them continue to grow.”

New MD joins Close Brothers Asset Finance Germany to lead growing team

Nov 09, 2018

Japanese finance giant MUL buys into US market with ENG acquisition

Mitsubishi UFJ Lease & Finance Company (MUL) has announced the acquisition of ENGS Commercial Finance, as part of a push into the US market. In Japan, MUL is well-known for delivering vendor-based financing products and in 2015 it began expanding internationally by launching a dedicated business in Thailand. The US acquisition is the next step in its global growth plans.

Japanese finance giant MUL buys into US market with ENG acquisition

Nov 09, 2018

Is this the end of finance leasing?

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

Is this the end of finance leasing?

Nov 07, 2018

Ally increases Carvana funding to $2.3bn

Ally Financial is deepening its relationship with online used car specialist Carvana with plans to commit up to $2.3 billion in financing over the next 12 months to support retail contracts and inventory needs for its e-commerce platform. Now in its third year of financing agreements with Carvana, Ally will provide up to $1.25 billion for bulk purchases, in addition to providing a $350 million warehouse credit facility. A $650 million floorplan credit line includes a two-year commitment and represents an increase of $300 million over the existing credit line.

Ally increases Carvana funding to $2.3bn

Nov 09, 2018

Ford partners with Baidu for autonomous vehicle testing in China

Ford Motor Company and the leading Chinese language internet search provider Baidu are to begin a two-year joint autonomous vehicle test project, under which the two companies will further advance the development and on-road testing of autonomous vehicles in China. The Baidu-Ford L4 Autonomous Vehicle Test Project is a two-year initiative, with on-road testing slated to begin by the end of this year. Ford and Baidu will jointly develop and test autonomous vehicles that are designed to operate autonomously within a specific geographic area and under certain weather conditions.

Ford partners with Baidu for autonomous vehicle testing in China

Nov 09, 2018

Strong growth for UK used car finance as new car funding drops sharply

New business volumes in the point of sale (POS) consumer new car finance market fell by 16% in September, compared with the same month in 2017, latest figures from the Finance & Leasing Association have revealed. The volume of new business was 14% lower over the same period. By contrast, the value of used car finance rose by 9% year-on-year in September, while volumes were up 3%. During Q3 2018 overall, new car finance business fell 4% by value and 6% by volume, while used cars saw growth of 12% and 6% respectively.

Strong growth for UK used car finance as new car funding drops sharply

Nov 08, 2018

Realising your digital journey - next steps for asset finance organisations

Download Alfa's latest research into asset finance digitalisation The asset finance sector, in common with the industries it serves, is experiencing a period of rapid and transformative change, driven by advancements in technology which have led to the emergence of the sharing economy and a new focus on usage rather than ownership. Alfa’s first Digital Directions report, published in 2017, explored leading industry opinion on how digitalisation was changing asset finance. In this follow-up, produced in association with Clarity and Asset Finance International, Alfa looks more closely at where companies have reached in their digital journey.

Realising your digital journey - next steps for asset finance organisations

Nov 06, 2018

IT finance drives growth in UK asset finance market

Asset finance new business (primarily leasing and hire purchase) in the UK grew by 6% during Q3 2018 compared to the same period last year, according to new figures released by the Finance & Leasing Association (FLA). For the year to the end of September, new business grew by 3%, the new research shows. The biggest growth is in IT finance, which was up 47% in the third quarter and 60% in September, compared to the same period last year.

IT finance drives growth in UK asset finance market

Nov 08, 2018

Barclays joins SME banking app battle with introduction of free mobile invoicing

Barclays has launched free mobile invoicing within its Barclays Mobile Banking app in the latest shift to digital services by high street banks. The move is aimed at helping hundreds of thousands of small business owners to create and send invoices on the move. The bank's research found that administration related to invoicing is costing small businesses on average £2,000 a year, while 32% of owners surveyed said they have to work at weekends due to a backlog of paperwork. A quarter still issue paper invoices.

Barclays joins SME banking app battle with introduction of free mobile invoicing

Nov 08, 2018

Auto Finance Technology Developments you need to know

Download the latest issue of Auto Finance Technology by completing the form below The latest issue of Auto Finance Technology is out now. It is packed full of news and analysis to help auto finance professionals stay up to date with the latest technology developments that are transforming our industry.

Auto Finance Technology Developments you need to know

Nov 08, 2018

Cadillac pauses car subscriptions as BMW and Daimler report mobility service growth

Cadillac has announced it will “temporarily pause” its car subscription service in the US next month as part of a strategic review. The manufacturer says it will review results from the programme before developing a new strategy. Book by Cadillac is one of several subscription services recently launched by manufacturers to offer new mobility options to customers. For a monthly fee, drivers can swap between a range of Cadillac vehicles as their needs change.

Cadillac pauses car subscriptions as BMW and Daimler report mobility service growth

Nov 07, 2018

Quotevine and cap hpi launch new service to connect vehicle manufacturers and leasing companies through digitalisation

Technology business Quotevine is partnering with vehicle data provider cap hpi to launch a major new service for vehicle manufacturers and leasing companies. The new product, called Radia, aims to create a closer connection between vehicle manufacturers and leasing companies to speed up time-to-market for new models and enable improved pricing decisions. The Radia analysis engine accepts any input, including PDF format, and uses machine reading and learning technology to extract the raw data from the vehicle manufacturer’s support term agreements.

Quotevine and cap hpi launch new service to connect vehicle manufacturers and leasing companies through digitalisation

Nov 07, 2018

Rapid growth for iwoca as demand for tech-enabled lending grows among SMEs

Business growth is accelerating at digital alternative lending platform iwoca, which has lent close to £600 million to small businesses since its launch. The company was founded by Christoph Rieche and James Dear in 2012 after they decided that the business finance sector needed a funder that could break down the barriers facing small businesses that want to access additional capital. They formed iwoca (short for ‘instant working capital’), targeting Europe’s 20 million small businesses with a digital service that removes much of the paperwork from the loans process and reduces the time to access funds from weeks to, in some cases, minutes.

Rapid growth for iwoca as demand for tech-enabled lending grows among SMEs

Nov 06, 2018

Sopra Steria CEO welcomes “perfect addition” of Sword Apak following acquisition

Digital technology business Sopra Steria has acquired finance software provider Sword Apak, in a deal welcomed as a “perfect addition” to the business by Sopra’s chief executive officer Eric Pasquier. Sopra Steria has acquired 100% of Sword Apak from Sword Group through its subsidiary Sopra Banking Software, securing more than one hundred clients, including major international banking groups and carmakers’ captive finance companies. Sword Apak’s flagship offering, Wholesale Finance System (WFS), is a vehicle fleet and inventory financing solution for car dealers.

Sopra Steria CEO welcomes “perfect addition” of Sword Apak following acquisition

Nov 06, 2018

NatWest launches trial of digital business banking for SMEs

UK bank NatWest, part of the Royal Bank of Scotland, has announced the launch of a new digital bank account for small businesses. The introduction of the smartphone-based account, called Mettle, responds to a growing appetite for digital banking services among consumers and businesses. Mettle combines a current account, including a debit card, with invoicing and bookkeeping capabilities. Customers open a business current account by downloading the app, which can be used to forecast their business performance, create invoices from their smartphone and provide reminders for chasing payments.