Solifi, a financial technology company serving the equipment financing and secured lending industries, is collaborating with BlackBerry to integrate BlackBerry IVY into its open finance platform to drive innovative, high-impact finance use cases for original equipment manufacturers and automotive finance providers.
By collaborating with BlackBerry, Solifi became the first automotive finance technology provider to join the BlackBerry IVY advisory council to accelerate BlackBerry’s development community’s focus on creating high-impact technology use cases and solutions that leverage in-vehicle data. Council members help drive the BlackBerry IVY roadmap, focusing on co-value development with a view on addressing key pain points that OEMs are looking to solve.
BlackBerry IVY will complement Solifi’s open finance platform by providing a way to access a broad catalog of vehicle sensor data to enhance existing value-added services, optimize business operations and power a new wave of products and services. Access to real-time data will accelerate the predicted shift to new financing models that are fundamentally changing the way consumers and businesses use and manage vehicle resources. This shift will drive increasing numbers to forego traditional ownership of vehicle assets in favor of pay-for-use or shared-ownership financing models.
As the newest member of the BlackBerry IVY advisory council, Solifi is positioned to promote and advocate for the global automotive finance industry, which includes OEMs, banks and independent automotive financing firms.
With many parts of the broader automotive industry eager for granular real-time and near real-time data sets to determine residual value assessments, maintenance and repair costs, integration with BlackBerry IVY will enable Solifi to provide its customers with better fleet management services and more intelligent cost forecasting.
“We are thrilled and honored to partner with BlackBerry and the broader IVY advisory council members,” David Hamilton, CEO of Solifi, said. “By 2030, forecasts indicate 95% of all new vehicles sold globally will be connected. Experts anticipate this exponential increase in connectivity and data availability will represent [$250 billion to $400 billion] of incremental revenue opportunity for the automotive industry. We look forward to collaborating with BlackBerry and introducing intelligent, data-driven solutions for the next generation of retail, fleet and wholesale automotive financing.”
“It’s a great pleasure to welcome Solifi as the newest member of the BlackBerry IVY advisory council, a select group of companies across the transportation and mobility industries who are quite literally driving and shaping the future of what it means to get from A to B,” Peter Virk, vice president of the IVY product and ecosystem at BlackBerry, said. “Solifi are trusted by leading players across both the automotive and financial services value chains, and with BlackBerry IVY, together, we have the potential to turbocharge innovation and unlock new streams of revenue in an industry on the cusp of profound transformation in terms of how vehicles are valued, paid for, managed, repaired and optimized.”
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