Pepper Money’s API-enabled originations platform, Solana, has been enhanced to embed next-level tools and capabilities, integrated directly into introducer systems to save time and effort. The enhanced originations platform is now available to brokers and introducers for commercial loans.
After entering the asset finance space in 2014, Pepper Money has grown from challenger to major player in an increasingly fragmented market.
With asset finance loans under management reported at $3bn in 1H 2021 results, Pepper Money is playing a growing role as partner to major asset finance broker groups, dealer groups and manufacturers.
The leading non-bank took the Solana platform to market to test and learn late last year, beginning with Novated and Consumer, and has now extended the rollout to commercial finance products.
“Our primary relationship is with our introducers – we are here to help them succeed, because they are our path to customers; and that influences the way we see our network,” says Lucas Tarnawski, Pepper Money Head of Product – Asset Finance (pictured).
“We are focused on offering them best-in-class technology to help them deliver the best possible customer outcomes.”
Tarnawski says the smart technology improves approval rates and speeds up decisions to transform the asset finance experience.
“Solana’s enhanced API capability allows for integration with introducer systems, which not only makes for a seamless user experience but, importantly, there’s a direct reduction in the time to decision and time to settlement for the borrower.
“Solana is that best-in-class originations platform. It offers a complete digital journey from enquiry through to settlement, with electronic identity verification, a higher level of credit decision automation, and a fully integrated eSignature solution enabled by OneSpan.”
The platform launched at the end of 2020, with a 90% approval rate on the thousands of applications processed since then. With increases to auto approval rates it’s already proven its value to asset finance introducers.
Here’s what Pepper Money’s broker partners had to say about the Solana platform:
“Pepper Money has published an extensive set of APIs covering a wide range of scenarios. They have quickly become one of the most forward-thinking finance companies in our sector.
– Neil Bennett, Director, Loans Unlimited
“Pepper Money has provided us with an industry-leading suite of APIs. Scenarios range from application submission to status updates, document generation and settlements.”
– Ben Needle, Managing Director, Bizi Loans
“We love Pepper’s suite of industry-leading APIs. They allow us to process most scenarios from within our own systems, spending less time on rekeying information and more time with customers.”
– Greg Bellchambers, Head of Digital, Fintelligence
“Solana is a best-in-class origination system for consumer and commercial products; we are spending less time on processing finance applications and more time talking to and assisting our customers”
– James Keepkie, Director, OzCar
Tarnawski says Pepper Money has an industry-leading suite of APIs.
“Scenarios range from application submission to status updates, document generation, and settlements. Commercial introducers can expect similar enhancements to their finance experience, and Pepper Money is delighted to bring this technology solution to them between now and year-end.
“Following the success of the Solana program for our consumer products, we immediately sought to enhance the platform to accommodate our commercial products, delivering a streamlined experience for this important segment.”
Tarnawski says approval rates are up because the platform provides greater transparency. Without Solana, the introducer would need to submit the application to get a decision.
“Now they get real-time feedback as they enter customer data. By giving them a good indication as to whether the customer will be approved earlier in the process, they can then have a conversation about model choice or budget.”
Solana removes a simple friction point for brokers and introducers because it uses APIs to fully integrate with their own system, so there’s less need to log into a third-party system.
“Most introducers work with five or six financiers. They shouldn’t have to use five or six different systems,” says Tarnawski. “They should be able to submit applications, get status updates, make amendments, share and issue documents and send settlement packs from within their own platform.”
Even the complexity of resubmitting application changes is being addressed, with Pepper Money building an API to handle application resubmission within the introducer’s system.
From Q1 next year, payments will be made in real time too.
Pepper Money does a lot of the heavy lifting for others.
For example, one introducer had just one employee looking after customer financing. By outsourcing the entire process to Pepper Money, the business increased its run rate from $30m a year to over $200m.
“We just kept automating more aspects of their process, added more support flexibility, and drew on the strength of our own developers to build out their capacity,” says Tarnawski.