Growth fueled by Solifi Open Finance Platform, which now has $36B of committed net asset value (NAV) on the platform
Solifi (formerly IDS), announced today that it has exited 2020 hitting multiple company milestones including 20 go-lives of its industry leading technologies and crossing the $36B mark of committed NAV on the Open Finance Platform. This growth supports leading financial firms moving to the cloud as they look to grow and thrive through the current market challenges. This also demonstrates Solifi’ ability to deliver world-class solutions without the need to be on-site.
“2020 was a challenging year for everyone with the disruption of business-as-usual, but it also has forced a number of business changes, including the adoption of cloud technology, which is helping forward-looking firms succeed through these challenging times,” stated David Hamilton, CEO of Solifi. “Solifi is committed to helping our customers succeed and have invested in building the products to support their growth. The significant achievements of the team in 2020 provided strong market-based validation that our technology products are aligned with the market’s needs.”
Solifi 2020 highlights:
20 customers go-lives
With customers shifting to remote work, the Solifi team quickly switched to remote onboarding and implementation, including data migration. This was enabled through the implementation of best practices for remote deployment and support built on Open Finance Platform, a 100% software-as-a-service (SaaS) solution.
“I could not be more pleased with the results from this year and the ability of the Solifi team to lean into the task of delivering 20 go-lives remotely,” stated Katie Emmel, COO of Solifi. “Many equipment finance organizations were faced with the challenge of continuing to hit their targets with their team working remote. Solifi was able to meet the demand of the market with an established cloud-based solution. It is this flexibility and customer-centric focus that continues to drive Solifi to provide market-leading technology.”
Cloud security validation with SOC certifications
In 2020, Solifi completed a rigorous and comprehensive audit conducted by an independent third party resulting in being awarded System and Organization Control (SOC) 2 Type II and SOC 3 security certifications. These certifications recognize that Solifi has met comprehensive trust service principles established by the American Institute of Certified Public Accountants (AICPA) related to security, availability, confidentiality, and process integrity for its IDScloud origination and equipment finance portfolio management platform. Solifi has made the full report for the SOC certifications available on our website.
Customer support through the pandemic
In 2020, the Solifi team was able to quickly respond to the needs of our customers with technology solutions that supported them through the changing business environment. The Solifi team delivered new solutions and tools to help our cloud-based and on-premise customers service and support their customers through the pandemic. These offerings included:
- Portfolio risk visualizer – New SaaS offering developed in under six weeks providing customers with a near-real time view of COVID infections rates in the locations where the lessor has contracted assets. This view allowed customers to understand and anticipate potential deferral request from their customers.
- Negative interest rates – With the U.S. fed dropping interest rates to historic lows, credit spreads had the potential to go negative. Solifi delivered an update to Portfolio Management to ensure support of negative interest rates.
- Mass update utility – Customers were looking for a more efficient way to handle bulk restructures and deferrals across their portfolio. Solifi delivered new tools to ensure they could serve the needs of their customers.