Lloyds Bank partners with Alfa

Managing capital effectively, ensuring the correct balance between funding growth, increasing stock, and retaining funds for financial resilience, is a core challenge for any firm’s management. With ongoing supply chain issues, many businesses have sought to build stocks to minimise disruption and price volatility. This creates a challenge for management teams: deploying capital from reserves ties up cash that might otherwise be used to fund assets that deliver growth or for protection from financial shocks, according to ffnews.com.

Using asset finance can allow businesses to purchase assets that support their growth while enabling them to retain the working capital needed to maintain their financial resilience and navigate the cost and supply challenges facing many UK businesses right now, as stated by ffnews.com.

The partnership will enable Lloyds Bank to transition to Alfa Systems v5, a cloud-based system that automates its asset finance solution’s customer servicing, income collection and recovery, and pay-out handling. With a planned rollout of the system later in 2022, Lloyds Bank will also use API connectivity to deliver a fully digital asset finance journey to customers.

Lloyds Bank has worked with Alfa for over 30 years, originally using Alfa Systems v3.5 for its asset finance proposition. The upgrade will help Lloyds Bank reduce its reliance on manual processing and transition to an easy-to-use system that delivers an improved experience for customers and colleagues. Alfa has been delivering systems and consultancy services to the global asset and automotive finance industry since 1990. The firm’s Alfa Systems technology platform supports both retail and corporate businesses for auto, equipment, wholesale, and dealer finance.