Lloyds Bank partners with ConnectedFi to accelerate asset finance credit decisions
Lloyds Bank has teamed up with fintech software provider ConnectedFi to integrate its asset finance application programme interface (API) into ConnectedFi’s Asset Finance customer relationship management (CRM) platform.
The partnership will offer a new way for asset finance brokers to access the API and secure faster credit decisions.
The integration means brokers using ConnectedFi’s CRM can now use Lloyds Bank’s API to quickly and securely submit credit proposals directly to the bank.
Information is then automatically extracted and validated, reducing manual processing by as much as 87% and speeding-up the ‘time-to-decision’ for asset finance credit requests.
The API also enables brokers to access real-time status updates on live proposals, improving the customer experience and removing the need to manually ask for updates.
Through ConnectedFi’s platform, a number of brokerages are already using the API, including Asset Finance Solutions (UK) Ltd – the largest asset finance broker on Lloyds Bank’s panel.
Andrea Melville, managing director and head of commercialisation and propositions at Lloyds Bank Commercial Bank, said: “Brokers told us that reducing time-to-decision is a priority for them. We developed the asset finance API to directly address that need. Ultimately, it helps them become more agile in the marketplace and gives them a competitive edge.
“Partnering with ConnectedFi to build the API into a CRM is a new approach for us. Through this model, we can work directly in marketplaces to add value for both platforms and brokers, fostering a more connected, streamlined business ecosystem.
“We’re committed to supporting UK firms in their recovery, and digital solutions will have a central role to play in this. We’ll continue to be by the side of businesses to help them drive their digital transformation, including by enabling quicker access to tools like asset finance to ensure they’re in a strong position to make the most of opportunities ahead.”
Sue Chapman, managing director, Midlands Asset Finance Limited – a user of the API – said: “This API enables our team to submit proposals and get decisions far quicker than before, and it fits seamlessly with the technology we’re developing in-house, too.”
Kaushik Chakravarti, CEO, ConnectedFi, added: “It was a pleasure working with Lloyds Bank to deploy a core front office integration.
“It pulled together experts from very disparate procurement, integration and IT infrastructure teams to help us integrate and deploy in a matter of weeks. They beautifully blended the thoroughness of a traditional bank with the agility of a start up.”
Lloyds Bank’s Asset Finance API is just one part of its ongoing investment into digital innovation.
In 2019, the bank launched its payables API – designed to enable businesses to send faster payments directly from their systems without human intervention – which now processes more than £350m of payments every month.
Last year, Lloyds Bank also became the first UK bank to work with blockchain platform Komgo, in a partnership aimed at enabling quicker international commodity trade finance by using distributed ledger technology.
