Solifi Releases Latest Version of Originations Platform
Solifi, a financial technology software partner for the secured finance industry, released the latest version of Solifi Originations for European equipment and automotive finance lenders.
The new version includes features designed to support UK contract-hire use cases, quote more sophisticated variable rate products and support rent-to-own Mietkauf financing products in German markets.
“Our latest Originations release further demonstrates the flexibility of our SaaS-based open finance platform, extending our UK and European customers’ ability to support sophisticated financing options, expanding their market reach,” Bill Noel, chief product officer of Solifi, said. “This latest release reinforces our commitment to innovation and continued product investment, which creates opportunities for our customers to adapt to market trends and stay ahead of the competition.”
The most recent release of Solifi’s Originations solution includes:
Enhanced Support for Contract-Hire
The update allows lenders to maintain, track and itemize asset-based charges separately to support UK contract-hire financing. With different elements of the purchase price taxed at various rates, lenders offering contract-hire and leasing finance options can now differentiate charges separately from the depreciating asset cost.
The update also enables the creation of multiple non-financed schedules in contract-hire models and automatically sends supplementary value-added service costs (e.g., roadside service, regular maintenance) along with finance costs from Solifi’s Originations to the Portfolio Management system, creating integrated and seamless tracking and contract maintenance.
Variable Rate Expansion
The update supports both structured and fixed payment options, creating the ability to quote for variable rates when a customer needs to make balloon or seasonal payments (e.g., as interest rates rise, the customer can adjust their payments and have the term flex as those rates change). This more sophisticated variable rate product and flexible financing option becomes increasingly desirable and suits select borrower demands while enhancing the customer experience.
Regulatory Compliance in German markets
The update supports German market Mietkauf product compliance, enabling the financing of capital equipment for a fixed duration with upfront collection and calculation of value-added-tax (VAT). This enables regulatory compliance in Germany and offers additional financing options based on customer payment collection preferences.