The digital verification tool that brought the ease and efficiency of Ezidox into the sphere of second-hand asset finance has released two new features just today.
Verimoto has already drastically cut down the document collection process for second-hand vehicles; now, it will also provide automated verification of vendors’ banking details, and instantaneous upload of vehicles’ roadworthy certificates.
“If money makes the world go-round, then documents make the money go-round,” said Peter Hewett, CEO of Verimoto.
“We’ve put a stop to the endless paper shuffle of chasing the money with automation. These additional features eliminate a further two hurdles that brokers face in getting the deal done quickly.”
Banking details from vendors can now be verified with a single click, giving lenders assurance their financing will be deposited into the actual asset vendor’s bank account. The vendor is able to specify which account in the case they have several.
Roadworthy certificates, which are a legislated requirement for second-hand vehicle sales in the ACT, Queensland and Victoria, can now be uploaded by the vendor through the Verimoto app, thereby providing all required documents for the sale of their vehicle.
It’s estimated Verimoto saves brokers an average of 20 hours per loan application, with the latest updates making the process even faster, while also safeguarding loan applications against bank deposit fraud.
Rapidly growing auto lender RateSetter has celebrated what Verimoto makes possible and welcomes the latest updates.
“Verimoto has provided RateSetter the ability to offer a fast and hassle-free way to verify both a vehicle and seller. As a result, we’ve been able to massively improve our settlement experience using Verimoto, making both our brokers and customers much happier;” says Michael Ko, RateSetter product manager.