Union FinTech has today released new functionality to its Union I platform and Union I lms solutions to enable asset backed lenders to improve their loan and collateral management and extend market reach. Tallinn Business Bank is the first client to utilise the functionality.

Union FinTech has today launched new functionality for asset backed lenders including:

Leasing

  • Collateral management of assets, guarantors, etc
  • Management of asset insurance and other services
  • Management of operational and capital lease contracts
  • Grace period for repayments (no penalty in case within grace period)
  • Automatic invoicing of scheduled repayments
  • Automatic notification of overdue payments
  • Ability for clients to monitor contracts and cash flows through internet self-service portal.

Invoice Finance and Factoring

  • Contract management
  • Loan limit management
  • Invoice management
  • Processing of invoices through internet self-service portal (if delegating administration to seller)
  • Ability for clients to monitor contracts and cash flows through internet self-service portal.

Hire Purchase

  • Ability for retail partner to sign contract on behalf of the financier through the internet self-service portal.
  • Ability for clients to monitor contracts and cash flows through internet self-service portal.

The functionality is made available through Union I platform, a digital core solution, and Union I lms, a customisable loan management system.

Agile architecture allows for integration with compliance and credit scoring systems, allowing lenders to automate the process of onboarding new clients and loans in as little as 5 minutes.

CEO Peeter Klanberg commented “We are pleased to assist our asset backed lending clients with this release. Not only will they be able to improve th e quality of their loan and asset portfolio’s but in doing so generate significant time and cost saving s by eliminating manual tasks. The ability to offer this functionality through digital channels also unlocks growth opportunities – leasing and hire purchase can now be offered through retail partners at the point-of-sale while invoice finance clients can self-service requests at any time.

Further Information:
Peeter Klanberg, CEO
peeter@union.digital

About Union FinTech:

Launched in 2012, we have developed a range of client engagement, compliance, marketplace, loan management and digital core solutions which are available standalone or integrated to provide a full digital core. Our digital agency Okia provides strategy, UX, service design and software development.

Our cutting-edge technology, domain expertise and flexible approach has helped bank, credit union, consumer lender, insurance and FX clients improve their client value propositions, profitability and business model agility. Please visit www.unionfintech.com

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