New wins include the addition of equipment finance and asset-based lending customers
Solifi (formerly IDS), a leading provider of enterprise mission-critical solutions for secured finance, announced today it added four new customer wins during the first quarter of 2021. They include two start-up equipment finance operations; Metropolitan Capital, a universal bank expanding into asset-based lending (ABL); and a top-five U.S. bank, which implemented Solifi | ABL. The company is also on record pace to complete 14 go-lives by the end of the first half representing a 40% increase over 2020.
“Our strategic vision is to provide solutions that support the growth aspirations of any size secured finance firm,” stated David Hamilton, Solifi CEO. “We are excited to work with some of the most innovative companies in the market, ranging from start-up operations to one of the largest financial firms in the world. Providing best-in-class functionality in an easy-to-use pay-for-what-you-use platform is at the heart of our technology investment. I firmly believe that this value, coupled with our dedication to building long-standing partnerships, is central to our continued success.”
A key driver of Solifi’s growth is the continued investment in our Open Finance Platform, the leading software-as-a-service (SaaS) platform. Open Finance Platform provides secured finance firms with the technology foundation needed to efficiently grow their business by only paying for what they use. Solifi is projected to double the amount of net asset value (NAV) running on the system from Q1 2020 with this innovative pricing model. Customers currently operating their secured finance business on the Solifi Open Finance Platform include a strong mix of banks, independents/specialty finance, and captive finance organizations across North America, Europe, and Asia Pacific.
Open Finance Platform innovations and security validation completed in Q1 include:
- Data Streaming: first customers now live receiving near real-time data – streamed securely to enable ongoing use in reporting, analytics, upstream integrations.
- Developer portal: first version now live enabling technical users to seamlessly leverage integration capabilities (tools, sample apps, etc.) for build and test.
- Pricing microservice: Full lease and loan pricing solution for simple, through to multi-variable complex pricing structures, designed to seamlessly integrate into any origination system.
- SOC 1 validation: completed six-month audit period receiving SOC 1® Type 2, SOC 2® Type 2 and SOC 3® validation. The public portion of the third-party validation report can be found here.