Access Capital modernizes with Solifi ABL
The leading US asset-based lending business identified a need to upgrade from its legacy solution to support its ambitious growth plans.
Access Capital provides financial solutions to staffing companies, IT, engineering, media companies, distributors, and manufacturers worldwide. Established in 1986, the business has over 30 years of experience in providing working capital.
CEO Terry Keating, who joined the business in May 2022, identified the need for a modern and consolidated software solution to offer Access Capital’s customers improved functionality while equipping its team with the tools necessary to enable business expansion.
Access Capital was previously using Solifi’s legacy on-premise solution (ABLM.NET). Although the solution had been well received by the business, Access Capital felt it was time to convert to a more contemporary software that would better support its ambitious growth plans. The business required a flexible and scalable unified solution that was more intuitive and could go live relatively quickly.
The business sought to reduce manual, low-value touchpoints and provide its clients with additional self-service portal options to enhance their digital experience. The ability to automate manual processes was an essential feature the business required, as well as self-reporting functionality.
As Access Capital already had a long-standing, positive relationship with Solifi, familiarity with both the software and the company was a significant deciding factor in the upgrade. Rather than needing to start from the ground up, Access Capital was able to work with Solifi on a faster timeline for a solution the business knew would suit its needs.
The business was impressed by Solifi’s commitment to investing in research and development. Solifi’s flexible solution could meet Access Capital’s changing business needs and facilitate its growth. Solifi’s services teams were committed to the conversion, working alongside Access Capital to prepare and plan for this upgrade. The project went according to plan, converting to Solifi ABL on the Open Finance Platform over a long weekend.
The upgrade went flawlessly, and once completed, Access Capital immediately gained new functionality with the platform. The upgrade to the Open Finance Platform consolidated all the tools Access Capital needed into one scalable solution, providing seamless integrations with APIs to improve both the business’ and customers’ experience.
Some of the key features of Solifi’s asset-based lending SaaS solution that will benefit Access Capital include:
- Borrower portal – Customers can access 24/7 self-service access to Access Capital’s credit line and finance information;
- Data streaming – Delivering near real-time access to data to visualize information in a consistent format any time it is needed;
- Trend reporting – Daily, weekly, and monthly insights at loan, client, and portfolio levels to identify risk and new opportunities;
- AR Wizard -Reviewing and calculating ineligibles can be completed in minutes as manual processes are cut down.
Access Capital has already seen some operational benefit and expect to see more in the future. The conversion is a “lifelong journey” which the business intends to continue building on as Access Capital expands and business needs change.