FXE Technologies’ SmartFinance Hub platform for brokers has been launched to deliver faster decisions and tackle compliance challenges in the Asset Finance sector

6 months ago

FXE Technologies (FXET) celebrated the expanded SmartFinance Hub proposition with an exclusive group of lenders and brokers at an event held at Lord’s Cricket Ground.

FXET’s SmartFinance Hub connects the ecosystem of brokers and funders and provides an intelligent, efficient and compliant proposal management solution. By working with brokers and funders, SmartFinance Hub is addressing key challenges in the sector:

• The ‘first wave’ of digitalisation in the Asset Finance market has introduced inefficiencies - expecting brokers to log-in to each lender’s portals while also leading to increased multi-propping and declining ‘look-to-book’ ratios. SmartFinance Hub delivers a single journey and instant assessment outcomes across a panel of funders.

• Independent brokers are finding it increasingly difficult to invest in the systems and processes that are expected by funders to evidence compliance and maintain funding lines. SmartFinance Hub provides brokers with digital tools that enable them to maintain funding lines and deliver access to the best funding solutions.

• The sector is under scrutiny to evidence good outcomes for clients. Both the FLA and NACFB have recognised the need to tackle these obligations as a sector, e.g., through an industry-wide code of practices and audit standards. The FXET platform can support the consistent delivery against these standards, for example by capturing needs of customers or source of introduction for every proposal.

"We have been working with brokers and funders since 2021, powering through SmartFinance Hub the assessment of lending proposals for prominent funders in the Asset Finance industry. We have demonstrated that our digital proposal management solution cuts the time to decisions to hours and reduces the need for documentation by 50%," said Katrin Herrling, CEO at FXE Technologies. “We are now making SmartFinance Hub available to brokers and funders to connect seamlessly. Giving brokers a single portal to connect to funders and get instant feedback on fit of a proposal. While giving funders the tools to manage their broker channel efficiently, providing faster decisions and gaining comfort that compliant processes are being followed.”

Norman Chambers, MD of the NACFB, Stephen Bassett, representing Broker Zone, and Philip White, CEO of The Broker Hub discussed the role technology will play in helping stakeholders shape the future of the sector by addressing challenges like evidencing compliant processes without creating an onerous administrative overhang.

Philip White of The Broker Hub commented "What FXE Technologies has devised is a significant leap forward to delivering efficiencies in SME lending." He continues, "The team from FXET have worked closely with the market to devise a platform that provides benefits and advantages for both lenders and brokers. It will enable both parties to evidence compliant processes as well as seek out the best deals and funding solutions for their clients and complete them more efficiently. I’m very excited about seeing this platform being adopted across the industry and driving change."

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Notes to Editors

About FXE Technologies
FXE Technologies (FXET) is a specialist provider of intelligent digital solutions for the business lending market. FXET offers a suite of digital SME lending solutions that enable banks, lenders and brokers to instantly triage proposal and in-life customers against credit appetite while transforming customer conversion and engagement. FXE Technologies’ solutions are used by a range of customers including Tier 1 banks and boutique lenders.

About FXET’s SmartFinance Hub
At the centre of the platform is FXET’s triage engine that instantly assesses proposals against appetite across a funder panel and embeds compliant processes at the heart the proposal management process. By removing administrative processes, drawing in background data that often removes the need for document collection, the platform puts brokers and underwriters at the centre of the decision-making for deals: recognising the nuanced decisions that are often required in the Asset Finance space, the platform creates instant visibility on ‘fit’ to brokers and funders but leaves decisions in the hands of experienced professionals.


Media Contact:
Caroline McDonald
Head of Marketing
caroline.mcdonald@fundingxchange.co.uk
07764 923599

[Note to Editors: High-resolution images and additional information about SmartFinance Hub and FXE Technologies are available upon request.]

Attached Media

About Funding Xchange

Funding Xchange is the leading business funding market place. The innovative platform links businesses to the funders who are most likely to have an appetite to lend to them. Funding Xchange was one of the four founding portals appointed by the government to provide a declines platform for businesses being declined by their mainstream bank on loan applications. The platform works with a range of high profile business advisors, such as KPMG, and with most of the banks and lending providers, providing access to finance for many SMEs who wish to grow.

Press Contacts

Katrin Herrling

Chief Executive

020 3695 9206