Asset finance
Banks Europe Partnerships

Lloyds Upgrades With Alfa For Cloud-Based Asset Finance Offering

Lloyds Bank has bolstered its collaboration with financial software firm Alfa to make it easier for customers to use asset finance to manage their working capital.

Under their partnership, Lloyds Bank will upgrade to Alfa Systems v5, a cloud-based system that automates its asset finance solution’s customer servicing, income collection and recovery and pay-out handling.

Lloyds Bank has previously worked with Alfa by using Alfa Systems v3.5 for its asset finance proposition. The upgrade will help Lloyds Bank reduce its reliance on manual processing and transition to an easy-to-use system that delivers an improved experience for customers and colleagues

The Bank will also use its API connectivity to deliver a fully digital asset finance journey to customers, with a planned roll out of the system later this year.

Chris Loring, MD of lending & asset finance at Lloyds Bank, said: “The pandemic saw large numbers of businesses across the UK accelerate their transformation plans and embrace new technology to lower their costs and transition towards 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, added: “We are thrilled to be supporting Lloyds Bank in this project and delivering Alfa Systems via the cloud for another valued, long-term client. Bringing their small-ticket and structured portfolios onto our platform is just a part of a wider digital transformation, which demonstrates Lloyds Bank’s investment in technology and commitment to the asset finance market.”

Using asset finance can allow businesses to purchase assets that support their growth, while enabling them to retain the working capital needed to maintain their financial resilience and navigate the cost and supply challenges facing many UK businesses right now.

Author

Related posts

Fintech Fairown Teams Up With Inbank to Expand Circular Economy in Lithuania

The Fintech Times

Neobank Zopa Launches Major Ad Campaign Since Receiving its Banking License

Polly Jean Harrison

Setting Sail With Smarter Technologies: How Ports and Marinas Are Capitalising on IoT Solutions

Polly Jean Harrison