Solifi, a financial technology partner for the secured finance industry, unveiled the latest product releases for its Solifi Originations ROS and Portfolio Management ILS solutions for equipment finance. The new software releases provide enhancements to business management, efficiency and compliance.
“We are pleased to be offering immediate value to our customers with our latest 2023 feature releases for equipment finance.” Bill Noel, chief product officer at Solifi, said. “At Solifi, we always strive to continuously enhance our solutions, and this year’s releases offer lenders the tools they require to maximize efficiency and ensure compliance.”
Solifi has delivered more than 35 new features within its North American equipment finance product line to date. Some highlights include improvements in the areas of:
Business Management
Using feature flag enablement, admin users have the systematic ability to choose the new features in a release they want to enable based on their business needs and readiness to adopt. Automatic feature releases can be accepted or rejected as needed, allowing the assessment of potential business impacts while also maximizing feature acceptance.
Efficiency
Solifi developed additional RESTful APIs to support customers’ system-to-system asset integrations. This feature enables users to work in their system of choice through removal of data duplication.
Another new feature is added tiered pricing, which enables lenders to price assets using multiple rates per asset for a blended contract rate. Solifi customers can configure their own pricing tiers within individual pricing programs, with lessees benefitting from potentially lower contract pricing.
Compliance
Solifi is also providing enhanced support for Regulation Z reporting with readily identifiable data elements, including lessee fees and costs. While Solifi Originations has always enabled customers to be compliant with Regulation Z, the new feature has enhanced the accessibility of standard regulatory fields.
Furthermore, Solifi is providing enhanced non-accrual processing to consider the number of periods a contract has been eligible for re-accrual before automatically removing it from suspended status. This removes manual intervention while providing options supporting regulatory and company compliance standards.
