Solifi announced the latest product releases for Solifi Originations ROS and Portfolio Management ILS for equipment finance. The new software releases bring significant new value to equipment finance customers, with enhancements to business management, efficiency and compliance.

“We are pleased to be offering immediate value to our customers with our latest 2023 feature releases for equipment finance,” said Bill Noel, Chief Product Officer at Solifi. “At Solifi, we always strive to continuously enhance our solutions and this year’s releases offer lenders the tools they require to maximize efficiency and ensure compliance.”

Solifi has delivered over 35 new features in its North American equipment finance product line to date. Some highlights include:

Business Management

• Using feature flag enablement, admin users have the systematic ability to choose the new features in a release they want to enable based on their business needs and readiness to adopt. Automatic feature releases can be accepted or rejected as needed, allowing the assessment of potential business impacts while also maximizing feature acceptance.

Efficiency

• Additional RESTful APIs developed to support customers’ system-to-system asset integrations. This feature improves business process workflows by enabling users to work in their system of choice through removal of data duplication.
• Added tiered pricing which enables lenders to price assets using multiple rates per asset for a blended contract rate. Solifi customers can configure their own pricing tiers within individual pricing programs. Lessees benefit through potentially lower contract pricing.

Compliance

• Enhanced support for Regulation Z reporting with readily identifiable data elements including lessee fees and costs. While Solifi Originations has always enabled customers to be compliant with Regulation Z, the new feature has enhanced the accessibility of standard regulatory fields.
• Enhanced non-accrual processing to consider the number of periods a contract has been eligible for re-accrual before automatically removing it from suspended status. This removes manual intervention while providing options supporting regulatory and company compliance standards.

For more equipment finance and leasing industry news, visit Equipment Finance Advisor.