Access Capital, a privately owned asset-based lending firm based in New York, last week upgraded from its on-premise system to Solifi ABL on Open Finance Platform.

In addition to upgrading to the newest version, a news release indicated Access Capital also consolidated its remaining clients from a separate factoring system to Solifi ABL’s ledgered AR model, which consolidates borrower management into one system.

Access Capital provides financing solutions to staffing companies, IT, engineering, media companies, distributors and manufacturers worldwide.  CEO Terry Keating, who joined the business in May 2022, prioritized the need for an upgraded and consolidated software solution to offer Access Capital’s customers improved functionality, while enabling the company’s management teams to access real-time data.

“We are delighted to support Access Capital in converting its on-premise software to our SaaS asset-based lending solution,” Solifi chief product officer Bill Noel said. “At Solifi, we continuously invest in our products to ensure our customers enjoy a seamless experience from day one. Our team is committed to meeting changing business needs.

“We have collaborated with Access Capital to enable the company to leverage the added functionality, such as daily reporting, borrow portal and automated calculations, which ABL on Open Finance Platform offers,” Noel continued.

Some of the main benefits that Solifi ABL offers Access Capital include:

—Borrower portal, giving customers 24 hours a day, 7 days a week self-service access to Access Capital’s credit line and finance information.

—Data streaming capabilities to access data in near real-time to visualize information in a consistent format when Access Capital needs it.

—Trend reporting at the loan, client and portfolio levels, with daily, weekly and monthly insights to identify portfolio risk and new lending opportunities.

—AR Wizard, reducing the manual processes of reviewing and calculating ineligibles, allowing the tasks to be completed in minutes.

Management mentioned Access Capital’s decision to upgrade to Solifi’s SaaS solution was the result of the company’s positive experience with Solifi’s legacy on-premise platform.

Access Capital sees that upgrading to Solifi ABL will best support its expanding business needs.

“This is my first experience working directly with Solifi and I have been very happy with the capabilities of the platform and the responsiveness of the implementation team,” Keating said.  “Solifi listened to our needs and concerns and worked closely with our team to get the upgrade and consolidation done well within our targeted timeframes.

“We have ambitious growth plans and having a solid, flexible, and scalable loan management platform is crucial to achieving our objectives,” Keating went on to say.