A single view of asset securities for all asset types means lenders can work in confidence; combatting fraud, managing portfolio risk and providing the best service to their customers.
worth of Assets are funded each month across the UK as security on loans.
increase in fraud identified by Q4 of 2022 within Asset Finance.
have or know someone that has sold vehicle whilst still on finance.
of UKs investment into machinery and equipment is funded by the asset/motor finance sector.
Current asset registers put the 'share' responsibility on the Lender, sending their securities to multiple parties to protect their ownership of an asset. Trapped in legacy processes, lenders are having to undertake more and more effort to meet their commitments to prove title with data being required my more and more parties.
Current registration processes are built around Motor Assets and having a Vehicle Identification Number and a Registration Number. Other asset types have attempted to use this system causing further data quality and data sharing issues.
Data quality around securities is a stand alone issue within motor assets amplified by other asset types making it difficult to identify issues. Issues with data quality result in data not being shared between parties and your security placed at risk of not being identified.
Data is currently sent by the Lender, removing control from the moment it is sent. This makes it difficult for Lenders to maintain data quality and see what data they have visible.
Current processes only support a flat asset structure, aligned with motor assets. This lacks the ability to work with attachments, multiple identifiers and more complex assets increasing the chance of a security not being identified.
Open Assets flips the responsibility and creates a solution that works for all parties involved.
Each lender maintains their own securities and gives access to a centrally governed register. This ensures you remain in control of your data whilst allowing others to recognise your security in a simple and secure way.
Asset securities are visible and maintained through each Lenders personal registers with assets shared, amended or revoked from the central register as required. This allows Lenders to remain in real-time control of their data.
With you in control of your data register, you can amend data inaccuracies as you see them or as we notify you. Our validation engine alerts you to when we spot potential inaccuracies in your data.
Our register notifies you as conflicts in securities are flagged by others or by having the same security registered by multiple parties. This allows you to act in real-time remove ambiguity in security.
We deal with the complexity so that you don't have to; from asset structures to getting started with us. Create your register through our user interface, API, upload or even by using a pre-built connector to a spreadsheet. Businesses work differently and we support that.
Our Register product allow you to set up and control how you share your data with one or many recipients. Using a centrally governed securities register, Lenders will be invited to share their data to give visibility of their securities to those with access whilst remaining in control of their data.
Insights allows users to collect, standardise and action their asset data using both internal and external systems. Categories, tags and our actions engine allows assets to be easily classified and shared with one or many registers, including the centrally governed securities register.
If you want to understand more on how the Open Assets platform will benefit your business, contact us using the button below or take a look at further look at some of our key resource.
Understand the base asset management product powering the Portfolio offering.
understand why having structured data not only gives you benefits today but also in the future.
