4 upgrades to Solifi wholesale finance solution
Developments within financial technology nowadays aren’t just driven for consumers’ benefits.
This week, Solifi announced the release of its latest version of Solifi Wholesale Finance SaaS solution, which includes several new automated features to better manage inventory audits, provide real-time reconfirmation of order commitments and further streamline transactions.
As more dealers and wholesale finance companies look to replace manual and repetitive processes with digital solutions, Solifi said these latest features deliver “smarter” ways to finance and manage assets through automation.
This latest quarterly release of Solifi’s Wholesale Finance SaaS offering provides several benefits to enhance the dealer and finance company experience, including:
• Smart audit scheduling with Solifi Wholesale Finance software can replace the traditional time-based dealer inventory audits by intelligently prioritizing higher-risk dealers according to a customized credit and performance-based scoring model. This data-driven solution can minimize disruption caused by onsite audits and reduces the number of audits for low-risk dealers, lowering overall associated cost — while still maintaining collateral controls.
• Audit vendor scheduling management can improve the efficiency and accuracy of audits by allowing lenders to intelligently view, manage, and schedule audits with multiple vendors, reducing risks associated with a single audit provider (such as vendor complacency, not assigning specialists by location or inventory type). The Solifi Wholesale Finance audit dashboard can provide finance companies with visibility to scheduled and waived audits, and the ability to assign and change auditors. Third-party vendor integration enables audit providers improved resource management and optimization capability.
• Automated order re-acceptance can counter unpredictable supply-chain delivery delays and challenges that tie up credit availability and limit sellable inventory. The system can provide automated real-time reconfirmation of order commitments on delayed shipments. Solifi Wholesale Finance reduces the time spent manually tracking delayed shipments, manual lender workarounds, and reentering previously approved credit commitments.
• Bulk transactions functionality can enable in-application processing of high-volume transactions from third-party data sources (such as loan onboarding, payments by asset, waivers, credit scores, vehicle registrations). This automated process can maximize time efficiencies by removing the burden of manual entry and reduces the opportunity for human errors.
“We’re excited about the immediate value our latest automation features will bring to dealers and wholesale lenders as they look for ways to maintain margins, streamline processes, monitor dealer health and inventory, and navigate supply chain issues,” Solifi chief product officer Bill Noel said in a news release.
“With this latest release, our SaaS-based solution allows our customers to better manage risk and expenses related to dealer audits, proactively react to supply chain delays, and efficiently process high-volume transactions,” Noel added.