NETSOL Technologies to implement NFS Ascent retail platform with UK bank
NETSOL Technologies to implement NFS Ascent retail platform with UK bankApr 07, 2020
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Registration opens for April 9 online seminar on digital innovation in asset financeAsset finance executives can hear from leading industry experts during a new online seminar on Thursday April 9 to discover how digital innovation can drive long-term business growth. The event will look at new ways to build a business foundation that generates value from innovation. As traditional industry boundaries fall away, wider business ecosystems - and the digital platforms that enable them - will determine how the asset finance industry interacts with its customers. Many asset financiers still struggle to build the technological and organisational foundations, as well as the necessary partnerships, to generate value from new digital innovation.
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Countingup updates banking and accounting app with unique offeringCountingup, the provider of a business current account with online accounting software built-in, is claiming a world-first after updating its platform to offer journals and financial reports. Adding a journal enables accountants to adjust the ledger so that transactions not already captured through banking, bills and invoices can be included. This would include depreciation, accruals and prepayments.
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Onguard introduces machine learning to predict payment behaviourFintech company Onguard is collaborating on a new service to be launched next year that will use machine learning to predict customer payment behaviour. The new platform will combine historical data from Onguard’s software, external debtor information from business data expert Altares Dun & Bradstreet and a machine-learning based scorecard from Quantforce, based on invoice and payment history. Debtors can be ranked in order of the risk of non-payment, which enables finance companies to introduce planning at an early stage using automated workflows.
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NETSOL secures $4 million contract with UK vehicle finance companyNETSOL Technologies has signed a new multi-million-dollar contract with a large independent used vehicle finance company in the UK. The UK contract will include the implementation of NETSOL's NFS Ascent wholesale finance platform and is expected to be worth $4 million. The name of the client is not being made public.
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Registration opens for April 9 online seminar on digital innovation in asset finance
Countingup updates banking and accounting app with unique offering
Onguard introduces machine learning to predict payment behaviour
NETSOL secures $4 million contract with UK vehicle finance companyFinance companies warned against relying on outdated technologyFinance companies are taking too many risks by relying on legacy software systems that are up to a quarter of a century old. The warning comes from industry veteran Keith Allen, who has joined fleet, leasing and mobility platform provider Bynx as a consultant. Allen (pictured) has more than 25 years’ experience in vehicle financing and asset management, including managing director of ALD in the UK, one of the country’s biggest leasing companies. His most recent role was managing director of ARI Fleet UK.
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Bluestar Leasing implements enhanced cyber securityAsset finance and commercial loans provider Bluestar Leasing has invested in a suite of managed IT services and cyber security solutions to drive business growth. The UK-based company provides financing for innovative sectors including drones and digital marketing, and plans to expand its offering through new partnerships with IT companies. Bluestar Leasing worked with technology partner OGL Computer to update its IT support and introduce Carbon Black, an anti-virus software system from CyberGuard technologies, to manage security risks.
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EPAM seeks to predict the future of connected cars and their impact on the auto industryWith the vast majority of drivers unaware of the amounts of data being harvested from their cars and how it will all be used, it is left to the EU’s General Data Protection Regulation (GDPR) to take care of the legalities. However, it seems that many people are beginning to take notice of the collection and use of their personal data and an argument has surfaced over who should control it. Furthermore, the automotive industry has surged forward in terms of the adoption of technology in recent years with new innovative services constantly breaking into the market, and for the most part it remains unclear how concepts like the connected car will affect how cars are bought and sold in the future. In an effort to clear the waters a little, Asset Finance International spoke to EPAM Systems, the service, design and digital platform engineering specialists, to discuss the future of connected vehicles.
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Audit Resource Technology’s Christian Pawsey tells how the company plans to digitalise the automotive stock auditing processAudit Resource Technology TKS (ART-TKS) is on the expansion trail. The company was established in the UK in 2018 and specialises in digitalising the automotive stock auditing process. At a time when many captive and independent auto finance companies retain legacy auditing systems, including the use of manual clipboards for some, ART-TKS uses its own software, FOCUS, to provide secure, real-time visibility and transparency, saving valuable time and money throughout the stock and asset-auditing process. ART-TKS is part of the TKS Group, which is based in Spain. ART-TKS’s director and founder, Christian Pawsey (pictured), is a close associate of Luis Beneytez, who established Grupo TKS in 2006 to deliver auditing and compliance solutions throughout Europe.
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Bynx launches enhanced e-signature technology to improve security and complianceVehicle leasing, fleet and mobility management technology provider Bynx has enhanced its digital signature capabilities. Digital signatures, provided by Adobe Sign, offer several advantages over other types of signature. Benefits include enhanced security, global acceptance, legal compliance, improved efficiency and better customer service.
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New iVendi technology generates 32% increase in leads and enquiries during trialsA new product from UK online motor retail technology provider iVendi has generated a 32% increase in leads and enquiries during trials. Called Convert, it is part of a suite of services designed to help turn online consumer interest into a sale.Convert includes a reservation tool, finance eligibility checking, finance application processing, multi-lender quoting, finance product information and videos, and a stock checker, which automatically checks the accuracy of vehicle descriptions.
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How will fintechs fair in 2020?The fintech sector will see new developments in regulatory technology (regtech) during 2020 as disruptive technologies continue to change the market, according to industry experts. In addition to developments in regtech, there will be improved payment options and enhanced customer service, according to Anton Zujev, head of business development at Fininbox. He said: “AI will be crucial for more convenient customer service and operation tracking. Blockchain is becoming relevant because of its wide appliance in various fintech areas, such as data protection, cybersecurity, trade finance.”
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Funding Options and Validis partner to support SMEsFunding Options, the marketplace for business finance, has partnered with open accounting experts Validis to improve services for applicants and speed up access to finance. The partnership will reduce data preparation times and minimise expenses when accessing external funding. Validis extraction technology automatically standardises customer accounting data to minimise manual processes. Funding Options will combine data from Validis with information from other sources, such as open banking and bureau data, to provide support for back office functions, helping to automate decision making and identify areas of risk.
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GForces partners with Stripe to drive online car salesAutomotive ecommerce solutions provider GForces is partnering with online payments platform Stripe to allow retailers to accept online payments on their websites. Retailers using the GForces Net Director Auto-e platform will be offered full Stripe functionality, which enables payments to be made onsite without redirecting the customer to a third-party site. Stripe is a technology company that builds economic infrastructure for the internet. Millions of businesses of every size use Stripe, including Salesforce, Slack, Lyft and Shopify, to accept online payments and run complex global operations.
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How ‘data lakes’ can overcome limitations of legacy back-end finance systemsLegacy systems in the finance sector are creaking under the strain of increasing demands for data, new research warns. Changes taking place in the banking and financial sector, such as the increased volume of interactions with smartphones, websites and other digital channels, are putting pressure on legacy back-end systems where business critical information is stored.
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Finance companies warned against relying on outdated technology
Bluestar Leasing implements enhanced cyber security
EPAM seeks to predict the future of connected cars and their impact on the auto industry
Audit Resource Technology’s Christian Pawsey tells how the company plans to digitalise the automotive stock auditing process
Bynx launches enhanced e-signature technology to improve security and compliance
New iVendi technology generates 32% increase in leads and enquiries during trials
How will fintechs fair in 2020? 
Funding Options and Validis partner to support SMEs
GForces partners with Stripe to drive online car sales
How ‘data lakes’ can overcome limitations of legacy back-end finance systems
