Smartfundit.com, the world's first business finance marketplace, and CHP Consulting, the leading supplier of software solutions and consultancy services to top asset finance organisations worldwide, today announced a strategic partnership to enable leading financial institutions to deliver fast and affordable asset financing to UK businesses.
The integration of the Smartfundit.com marketplace with ALFA Systems, from CHP Consulting, enables financial institutions to process online applications for business finance instantly and respond with a fully underwritten offer. By prequalifying the customer against the funder's own credit criteria based on an audited credit rating, the time from finance application to fulfillment is reduced from an average of 4-6 weeks to the same day.
"One only has to read the newspaper headlines to be left in little doubt about the needs of businesses to access financing. However, with so much demand for asset financing, the procurement process has to change," said Justin Floyd, CEO, Smartfundit.com. "The integration of the Smartfundit.com platform with a bank's enterprise systems will enable them to cut cost, risk and time out of their asset financing business. The strategic partnership with CHP represents significant industry recognition and endorsement of the Smartfundit.com model and signals a real change in how funders and businesses can connect asset financing."
The Smartfundit.com marketplace ensures the funder only considers those applications that 100 per cent match the rules that they have defined, greatly reducing the acquisition and overhead costs of processing each application. In the case of asset financing opportunities declined by the funder, direct integration with the Smartfundit.com marketplace enables them to redistribute deals to other institutions that will not compete with their own core interests and so retain the primary relationship with the customer.
"This partnership brings better integration of an important and innovative channel to market for the ALFA Systems community," said Andrew Denton, Sales and Marketing Director, CHP Consulting. "By coupling the Smartfundit.com platform with ALFA's flexible new business channel support, powerful workflow and flawless administration, funders will be able not only to reach new markets, but also to retain complete control and transparency over every step of the asset financing process."