Lloyds Bank updates Alfa software for asset finance
Lloyds Bank has partnered with software specialist Alfa to make it easier for customers to use asset finance to manage their working capital. Effectively managing capital, ensuring the right balance between financing growth, increasing inventory and conserving funds for financial resilience, is a major management challenge for any business.
With ongoing supply chain issues, many companies have sought to build inventory to minimize disruption and price volatility. This creates a challenge for management teams: deploying capital from reserves ties up cash that could otherwise be used to fund growth-enhancing assets or protect against financial shocks.
The use of asset finance can allow businesses to purchase assets that support their growth, while allowing them to retain the working capital needed to maintain financial resilience and meet the cost and supply challenges faced by them. currently facing many UK companies.
The partnership will see Lloyds Bank transition to Alfa Systems v5, a modern cloud-based system that automates customer service, revenue collection and collection and payment management of its asset finance solution.
With a planned rollout of the system later this year, Lloyds Bank will also use API connectivity to offer customers a fully digital asset finance journey.
Lloyds Bank has worked with Alfa for over 30 years, originally using Alfa Systems v3.5 for its asset finance proposition. The upgrade will help Lloyds Bank reduce its reliance on manual processing and move to an easy-to-use system that provides an improved experience for customers and colleagues.
Chris Loring, Managing Director of Lending & Asset Finance at Lloyds Bank, said: “The pandemic has seen many businesses across the UK accelerate their transformation plans and adopt new technologies to reduce costs and move to net zero. Businesses also now expect more connected digital experiences as standard, giving them greater control over their finances.
“Our partnership with Alfa is a significant step forward in improving our customer experience, including digital capability, to support our product development plans and help us grow our asset finance business.”
Andrew Denton, CEO of Alfa, said: “We are delighted to support Lloyds Bank on this project and to supply Alfa Systems via the cloud for another valuable long-term customer. Bringing their small portfolios and structured portfolios onto our platform is just part of a broader digital transformation, which demonstrates Lloyds Bank’s investment in technology and commitment to the credit finance market. ‘assets.
Alfa has been providing systems and advisory services to the global automotive asset and finance industry since 1990. The company’s Alfa Systems technology platform supports retail and corporate automotive finance activities. automotive, equipment, wholesale and dealerships.