Secured finance technology provider IDS is providing asset-based lenders with easy access to real-time portfolio insights following the migration of IDS ABL to IDScloud, its Software-as-a-Service-based solution.
The move provides a more intuitive experience for customers and enables self-service funding requests and document submission.
IDS acquired the ABL solution from leading factoring specialist William Stucky and Associates earlier this year, as part of its plans to create a software technology powerhouse, providing a full range of cloud-based services for the equipment, automotive and working capital finance sectors.
Bill Noel, IDS CPO, said: “When IDS acquired the ABL solution from Stucky in February of this year, we immediately began the process of migrating to IDScloud.
“This is a critical path in our product strategy to build world-class SaaS applications on our Secured Open Finance Platform and delivered through IDScloud.
“This foundation provides IDS with the unique ability to deliver value to customers through both the application, which meets the specific business need, but also through the platform, which enhances the application with additional ecosystem integrations and services.”
IDS ABL provides a real-time view of a client’s current collateral value, giving the lender the ability to control risk and make immediate adjustments to credit availability.
It has built-in analytics to flag unusual activity, triggering additional documentation to ensure collateral value. The solution provides a borrower portal for clients to self-serve, including for funding requests and report retrieval.
Lisa Nowak, IDS director of SaaS and marketplace platforms, said: “Our technology vision for IDScloud is to provide a scalable and secure platform to support quick delivery of any of our secured finance applications. With over 65% year-over-year growth in new customers, adding over $15billion of net asset value committed to the platform, it is clear we are meeting a market need for the efficiency gains and application support that come with a true SaaS solution.”
Co-headquartered in Minneapolis, USA, and Milton Keynes, UK, IDS serves more than 300 customers across the US, Europe, and Asia Pacific. In June this year, the company completed its acquisition of White Clarke Group, the specialist provider of retail, fleet, wholesale and asset finance software solutions for the automotive and equipment finance market.
