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United Trust Bank signs up Workato for its Alfa systems platform

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  • 14/07/2022
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Secured specialist lender United Trust Bank (UTB) asset finance has partnered with Workato to power connectivity and integration to its new Alfa digital platform.

UTB said enterprise automation platform Workato would be providing the software integration layer to enable the bank to connect and integrate a wide variety of tools and apps to its new core asset finance digital platform.

Workato’s enterprise automation platform will allow UTB to plug-in various apps and specialist fintech to with an aim to make transacting asset finance business with the lender as quick and easy as possible for brokers.

These apps and tools may include automated remote ID verification, secure document upload, electronic signing, instant credit check referencing, banking system integration for faster payouts as well as powerful marketing and management information tools.

The system will allow the bank to accelerate its asset finance processes to enable quicker underwriting of proposals and subsequently faster pay-outs. Integrated APIs will allow UTB to connect to brokers’ proposal systems, streamlining the application journey and removing the need to double-key deals.

Alfa will provide the APIs then Workato will build what they call ‘recipes’ for all the services that the bank wishes to integrate. Workato utilises machine learning and patented technology.

Louise McIntosh, UTB’s asset finance head of operations  is leading the project to move its asset finance operations to the Alfa Systems platform.

The bank, which provides secured funding facilities for individuals and businesses and deposit accounts for individuals, businesses and charities, expects brokers to start benefiting from the move by the end of 2022.

Nathan Mollett (pictured), head of asset finance at United Trust Bank, said: “The combination of Alfa and Workato will give us the ability to build a superbly specced operational platform which will simplify and accelerate deals, improve service and give us the scalability to achieve our growth objectives.

“This is a significant investment in technology which will bring many operational benefits not just to UTB’s asset finance business but to the bank as a whole. I’m delighted that asset finance is pioneering this digital revolution at UTB which will increase our capability and free up skilled people and resources to undertake tasks which really add value for brokers and customers.”

Robert Ekstrom, vice president and general manager of EMEA at Workato, added: “We are really excited about partnering with UTB and enabling the bank to connect to and get the most out of its new core asset finance digital platform. Undertaking a digital transformation project can be challenging, however UTB will reap the benefits from investing in this technology. We are excited to see the results and how the company continues to grow following its implementation.”

 

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