Time Finance launches Nivo's ID and Verification technology as part of their Digital Enhancement Strategy

May 20, 2024
minutes read

Nivo Solutions, a leader in secure digital identity verification, is excited to announce a new partnership with Time Finance to launch advanced ID&V (Identity Verification) technology. This strategic collaboration marks a significant milestone for both companies, enhancing the customer experience in Asset Finance deals.

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

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