Alfa, a provider of technology for the equipment finance industry, released Sustainability, the third of six releases that make up Alfa Systems 6, the latest iteration of the company’s Alfa Systems software platform.

Sustainability in Alfa Systems 6 offers new capabilities to address the evolving needs of the equipment finance industry, particularly those providers who are driven by sustainability and changing business models.

Building on last year’s announcement of new Scope 3 reporting functionality to help Alfa customers track and report their portfolios’ emissions, Sustainability equips equipment finance providers with the flexibility they need to:

• Embrace new business models: Support subscription-based offerings and XaaS (everything-as-a-service) models, which are gaining traction across industries.
• Manage the entire asset lifecycle: Extend product lifespans, optimize second and third lives of equipment, and streamline refurbishment processes.
• Comply with net-zero and ESG regulations: Navigate the changing landscape, shaped by environmental concerns and regulations.

“The equipment finance industry is undergoing a period of significant transformation, driven by sustainability initiatives and innovative business models,” Emily Hammond, head of product at Alfa, said. “The Sustainability pillar of Alfa Systems 6 empowers finance providers not only to adapt to these changes, but also to capitalize on the exciting opportunities they present.”

Sustainability highlights in Alfa Systems 6 include:

• Enhanced asset lifecycle management: Alfa Systems 6 allows customers to track and account for assets throughout their entire journey, from origination to end-of-life, including inventory management for reuse and resting, short-term second and third lives for equipment, and streamlined refurbishment processes.
• A subscription-ready platform: A new subscription ‘service pack’ supports a variety of subscription models, including on- or off-lease subscriptions, usage-based or periodic billing structures, and targeted AI-driven software subscriptions that optimize equipment usage.
• Everything-as-a-service facilitation: The XaaS ‘service pack’ allows users to manage multi-asset schedules and contracts, utilize usage meters and customized usage-based billing, and integrate financing and invoicing of essential add-on services into a single, consolidated billing line.

In 2023, Alfa announced new functionality to help its customers track and report their portfolios’ Scope 3 greenhouse gas emissions. Soon, Alfa will unveil its own Sustainability Progress Report, offering insights into its environmental, social and governance (ESG) performance and initiatives, including further details of its commitment to net-zero, as validated by SBTi.