Access Capital, a privately-owned asset-based lending firm based in New York, upgraded from Solifi’s legacy on-premise platform (ABLM.NET) to Solifi ABL on Solifi’s Open Finance Platform. In addition to upgrading, 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, IT, engineering, media, distribution and manufacturing companies worldwide. The company’s 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 [software-as-a-service] asset-based lending solution,” Bill Noel, chief product officer at Solifi, 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.”
Searching for a single, unified solution that met its needs, Access Capital’s teams were seeking a platform which would enable the company to go live in a short period of time. Additionally, the business sought to reduce manual, low-value touchpoints and provide its clients with additional self-service portal options to enhance the digital experience.
Access Capital’s decision to upgrade to Solifi’s SaaS solution was the result of the company’s positive experience withAccess Capital believes 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.”
Some of the main benefits that Solifi ABL will offer Access Capital include:
- A borrower portal that gives customers 24/7 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, which reduces the manual processes of reviewing and calculating ineligibles
