ConnectedFi API layer celebrates 2000 live deals

ConnectedFi is this week celebrating the two thousandth deal going through its network. 

The company describes itself as “a specialist API layer that integrates asset finance brokers and funders to improve speed of decisioning, increase efficiency and reduce operational risks.” 

By integrating to the broker’s proposal management system, ConnectedFi presents the broker’s proposal information in exactly the format required by each lender. This ensures that the lender gets exactly the information and attachments required to complete the credit assessment, reducing the inefficient process of having to ask for more information or having to find the information in an unstructured email.

ConnectedFi explains, “By sending the information directly into the lender’s system, unnecessary re-keying is avoided. Decisioning is accelerated with both funder and broker able to offer a better service to their clients. Market-leading compliance can be built into the proposal process, giving finance companies clear oversight in areas such as customer consent.” 

Feedback from one funder is that integration with ConnectedFi reduced manual activity by up to 87pct. 

Subject to the sophistication of the lender’s system, the ConnectedFi approach also allows the lender to send messages back to the broker electronically, including automated status updates, pre-populated documents for e-signing or real-time pricing. 

A key benefit for brokers is that because of its integration to multiple lenders, ConnectedFi can provide straight-through processing across a range of funders, without having to log into multiple funder portals. Moreover, the proposal information is captured so there’s no need for re-keying if it’s necessary to send the deal to another lender. 

The ConnectedFi API layer is now being used by eight significant lenders and more than 25 of the largest broker groups. ConnectedFi works best when fully integrated with brokers and funders but does offer effective solutions when full integration is not possible.

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