How will fintechs fair in 2020?
How will fintechs fair in 2020?Jan 14, 2020
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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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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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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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GForces partners with Stripe to drive online car sales
Funding Options and Validis partner to support SMEs
Onguard introduces machine learning to predict payment behaviour
NETSOL secures $4 million contract with UK vehicle finance companyHow ‘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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Sharp selects IDScloud to support future growthAsset finance and origination technology provider IDS is to supply its IDScloud platform to Sharp Imaging and Information Company of America (SIICA). IDScloud will provide full back-office portfolio management to support SIICA's captive finance services and was selected based on its ability to deliver operational efficiencies through a Software-as-a-Service (SaaS) solution.
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New report highlights challenge for auto finance in juggling short and long term market changesThe automotive market is undergoing a major transformation, as the shift from private ownership of vehicles towards shared on-demand services gathers pace. Previously, the focus was on providing a single vehicle to a single user, now the trend is for providing services tailored to the consumer’s needs at any particular point in time. That can mean one car with multiple owners, or making multiple cars available to a single user.
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Majority of CFOs “will be completely reliant on big data within five years”Almost two-thirds (64%) of UK CFOs expect to be completely reliant on big data within five years, according to research conducted by Onguard. Its research found that 13% of CFOs say they are already completely reliant on insights provided by big data, with most using it to support decisions (54%), make predictive analyses (41%) and to analyse large, unstructured databases (29%). According to the 2019 Fintech Barometer, an annual survey conducted by the order-to-cash specialist, more than one-third of CFOs (38%) expect big data to have a significant impact within the financial sector, particularly on aspects such as job opportunities, while 36% see it as a threat to employment.
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HPD Lendscape targets global growth with Finaptix acquisitionHPD Lendscape (HPD) has acquired Finaptix, the specialist provider of software and consulting services for the asset and auto finance industries. HPD is a global provider of technology for the working capital industry, majoring in a range of asset based finance products such as invoice and receivables finance and factoring. Headquartered in the UK, with established branches in California, Sydney and most recently in Singapore, HPD has an extensive and longstanding global reach. It has a client base of 120 and operates in a total of 50 countries worldwide.
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How does a prestige car end up as a panel van? iVendi reveals how thousands of used car finance quotes could be incorrectHundreds of thousands of used cars may have costly errors on their digital records that could affect future finance quotes, online solutions provider iVendi has warned. Its analysis indicates that 8% of digital records for vehicles are incorrect, after it researched 140,000 vehicles being sold online and found problems with 11,000. Each year, several million used cars are sold in the UK, suggesting hundreds of thousands of vehicles could be affected across the market. James Tew, chief executive officer at iVendi, warned: “It is not too difficult within the data we have compiled to find complete misidentifications such as prestige cars that have been listed as panel vans.”
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Volvo Cars selects FICO to support customer onboarding for car subscription serviceVolvo Cars has selected predictive analytics and data science company FICO to provide advanced technology to support customer onboarding. FICO's Decision Modeler will be used to immediately onboard customers to the manufacturer's Care by Volvo vehicle subscription service by using automated decision-making. Care by Volvo provides customers with a car through subscription as an alternative to ownership. A monthly payment covers all regular service, maintenance costs and breakdown cover.
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Auto Finance Technology - December 2019 issue out now!Download the December issue of Auto Finance Technology today. Simply complete the form below The latest issue of Auto Finance Technology is out now. The December issue includes a full preview of the International Asset Finance Network Conference and Awards, taking place in London on December 12.
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Quotevine launches Luca to develop future services for lending and leasing finance businessesInnovative fintech company Quotevine has launched Luca, a new platform ‘created with servitisation in mind’ to help lending and leasing finance businesses to modernise and streamline their operations. The solution will enhance Quotevine’s suite of existing applications and aims to seamlessly connect front and back office functions and offer unrivalled functionality. Luca joins up currently fragmented processes that exist within the front and back offices of many finance businesses.
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BDK launches innovative German used car marketplace powered by iVendiA new online used car marketplace from Société Générale subsidiary Bank Deutsches Kraftfahrzeuggewerbe has gone live for 4,500 dealers in Germany. Called JuhuAuto, it was created by automotive e-commerce solutions provider iVendi in its first major international deal. The marketplace delivers personalised car search results and uses BDK to pre-assess customers for motor finance to enhance their online experience.
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How ‘data lakes’ can overcome limitations of legacy back-end finance systems
Sharp selects IDScloud to support future growth
New report highlights challenge for auto finance in juggling short and long term market changes
Majority of CFOs “will be completely reliant on big data within five years”
HPD Lendscape targets global growth with Finaptix acquisition
How does a prestige car end up as a panel van? iVendi reveals how thousands of used car finance quotes could be incorrect
Volvo Cars selects FICO to support customer onboarding for car subscription service
Auto Finance Technology - December 2019 issue out now!
Quotevine launches Luca to develop future services for lending and leasing finance businesses
BDK launches innovative German used car marketplace powered by iVendi
