IDS, a provider of asset and equipment finance technology, released a new IDScloud service which allows equipment finance companies in the U.S. to see portfolio risk correlated with COVID-19 infection rates and the location of financed assets.
This visualization map provides a current view of hot spots allowing companies to assess current portfolio risk, anticipate potential impacts and optimize customer outreach. The new IDScloud application is live and now available for equipment financing firms with portfolios in the U.S.
The IDScloud Portfolio Risk Visualizer is an independent cloud-native service and is available to all current IDS customers at no charge. For non-IDS customers, the application is available for a 120-day free trial.
“The COVID-19 crisis provides IDS with an opportunity to help our customers understand portfolio risk against the backdrop of the current pandemic,” stated David Hamilton, IDS CEO. “We believe information is critical to successfully navigating the crisis and part of our ongoing effort to add value through our cloud platform. This new IDScloud tool allows equipment financing firms to understand where the virus spread may have an impact on their customers and their ability to make payments. This new tool enables our customers to proactively engage with their customers to provide flexible restructuring options based on need. We are offering this new tool at no cost because it is the right thing to do for our customers and for the industry at this time.”
The COVID-19 portfolio risk visualizer is a 100% SaaS application that couples portfolio data with updated COVID-19 infection rates from John Hopkins University Center for Systems Science and Engineering (CSSE) and data from U.S. Census Bureau. The portfolio risk visualizer can be used by any equipment finance company in the U.S. The application is fully integrated into the IDScloud portfolio management solution. For equipment financing firms using on-premise solutions from IDS, systems from other vendors or in-house systems, we have implemented secure web storage where portfolio data can be uploaded, and the risk visualizer accessed via a secure login. The IDScloud Portfolio Risk Visualizer is provided under the IDScloud SOC 2 type II and SOC 3 certifications.
The IDScloud Portfolio Risk Visualizer will continue to evolve beyond the current COVID-19 crisis. Future releases of the visualizer will include additional risk data inputs and expand to other geographies. For more information on how to access the IDS COVID-19 Portfolio Risk Visualizer, please visit IDS website.
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