United Trust Bank (UTB) has announced a new partnership with enterprise automation platform, Workato.

The move will provide a software integration layer to enable the bank to connect a range of tools and apps to its new core Asset Finance digital platform.

UTB recently announced that it was partnering with software firm Alfa to transform its Asset Finance operations, with an integrated digital solution to improve the service for brokers and support the bank’s plans for growth. The bank has now commenced a project to move its Asset Finance operations to the Alfa Systems software platform and expects brokers to start benefiting from the re-platforming by the end of 2022.

Workato’s enterprise automation platform will allow UTB to plug in specialist fintech and various apps and make transacting Asset Finance business with UTB quicker for brokers. These apps and tools include automated remote ID verification, secure document upload, electronic signing, instant credit check referencing, banking system integration for faster payouts as well as marketing and management information tools.

Alfa will provide APIs that allow UTB to connect to brokers’ proposal systems, then Workato will build what it calls “recipes” for all the services that the bank wishes to integrate. This will allow UTB to accelerate its Asset Finance processes and enable quicker underwriting of proposals as well as subsequent quicker pay-outs.

Head of Asset Finance at UTB, Nathan Mollett, commented: “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.”

Workato VP and GM of EMEA, Robert Ekstrom, 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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