Invoice finance fintech firm Optimum Finance has responded to the economic uncertainty faced by millions of UK SMEs by unveiling an industry-first technology platform designed to speed up and automate the process of referrals by commercial funding brokers and accountants looking to access commercial funding for their clients through invoice finance.
The Optimum Finance team has developed a proprietary suite of services offering remote applications and total automation of the application, approval and onboarding process to provide access to funds much faster than other commonly used commercial options such as business loans, credit cards or overdrafts.
Using the specially developed digital platform brokers and accountants can create a verified approval for funding within minutes and fast access to funds to ease cash flow and provide working capital for their SME clients.
As well as a web-based application which brokers and accountants can use with clients to submit funding requests, an API has been created which links CRM systems and other software directly with Optimum Finance’s systems. The platform can be white-labelled and integrated into the broker’s or accountant’s own website to add to the list of services they provide to clients.
Applications can be processed and instant offers generated for clients in a few clicks once client company information has been inputted – typically, predicted turnover, number of debtors and business sector. Clients then sign the offer digitally and see their online facility set up and available for use immediately without the hassle of filling in forms or manually providing financial and business documentation still required by many lenders.
Optimum Finance is the first and only invoice finance business in the UK to offer this level of automation through cutting-edge, emerging technology.
The platform is underpinned by the principles of Open Banking and Open Accounting which are increasingly being used across the financial services sector to facilitate the automatic transfer of financial and transactional data. This makes the set up and onboarding process for new clients highly efficient and enables them to link systems they already use to the Optimum Finance platform.
Accessible anytime via a laptop, mobile or tablet, brokers and accountants will receive an instant funding decision for their clients which will be verified and underwritten by the experienced Optimum Finance team.
Commenting on the integration of these new technologies, CTO of Optimum Finance, James Beck says: “Now more than ever small and medium sized businesses need to access funds fast. The financial services industry has been adopting new ways of working which incorporate automation for the last few years, but this is often skewed towards the consumer sector.
“Business funding is the lifeblood of SMEs and our we’re committed to digital transformation of our sector to facilitate access to much needed capital which fuels commercial growth.
“We work with many brokers and accountants who are always looking for ways to enhance the services they offer and our platform offers a dynamic, intuitive and efficient way for them to add value to their clients.”