Time Finance adopts verifi’s virtual asset inspection platform

Independent SME lender Time Finance has partnered with technology provider verifi to roll out a new virtual asset inspection platform, marking a significant step in its digital enhancement strategy.

The new “self-certifi” inspection tool enables SMEs and brokers to carry out virtual inspections to support asset finance applications and refinancing of existing assets. By reducing the reliance on physical inspections, the tool is expected to cut both costs and turnaround times, while improving consistency in the information collected.

The move comes as Time Finance continues its growth strategy, investing in technology to streamline processes, improve customer experience, and strengthen risk management.

Steve Nichols, Managing Director of Asset Finance at Time Finance, said the adoption of verifi’s platform is a natural next step in the lender’s innovation journey:

“With our continued growth and strategy to utilise technology as an enabler, we needed a trusted and reliable technology partner that could integrate seamlessly with our existing processes. verifi enables us to carry on managing the risks in our business, whilst continuing to support our brokers, suppliers and customers with the high level of service they are used to receiving from us.”

He added that the self-certifi tool will allow the business to inspect more assets at different stages of the lending cycle, providing consistent and usable data to inform lending and risk decisions.

For verifi, the partnership highlights a growing appetite within asset finance for digital transformation. Jonathan Garnett, co-founder of verifi, commented:

“The asset finance sector is undergoing a significant shift, driven by the need for digital transformation, increased efficiency, and enhanced risk management, all against a challenging backdrop of margin pressure, higher interest rates, and ever-increasing competition.

“We are delighted that Time Finance have placed their trust in verifi to help them utilise our innovative platform to improve asset inspection activities across their growing SME lending portfolio.”

Garnett noted that verifi’s mission is to “raise the bar for asset inspections across the UK asset-based-lending industry”, adding that the company’s guiding principle remains: “If better is possible, good is not enough.”