Verimoto, launched by technology company Lakeba, has been created in a bid to make the loan application process more efficient for privately owned motor vehicle finance, particularly for second-hand cars.
According to Lakeba, the app replaces the need to arrange for a physical inspection.
How it works
The Verimoto process is initiated by the broker contacting the seller of the vehicle by text or email, requesting they download the Verimoto app.
From there, pictures and documentation can be uploaded, which will identify the seller; confirm the vehicle’s registration, ownership and location; and verify the seller’s bank details so money can be transferred.
Verimoto then automatically sends all the information to be checked and verified against the databases of the relevant government bodies, with a report being generated for the lender to review ahead of finalising the loan.
Speaking of the app, Giuseppe Porcelli, CEO and founder of the Lakeba Group, said: “Built with the input of major lenders, Lakeba designed the mobile application to capture and automate all the verification documentation required to generate a report for the lender, removing the need for the financier to arrange a physical inspection of the vehicle.
“This is the first such application specific to the resale of a vehicle and a perfect example of how technology innovation can drive automation and significantly lift efficiency.”
Aggregator Connective has already partnered with Lakeba to make the Verimoto app available to its brokers to help them transact the vehicle loan process with greater speed and efficiency.
Head of Connective Asset Finance Brent Starrenburg said: “The Verimoto app will transform the way people access finance to fund the purchase of a privately owned motor vehicle.
“Aside from the cost and time efficiencies afforded by replacing physical verifications and inspections, the app’s advanced technologies also provide meaningful fraud mitigation benefits using real-time database checks, geolocation verifications and biometrics.”
He added: “We are always looking for ways to assist our member brokers to build efficiencies into their operations, and Verimoto is the latest example of how we are achieving this objective.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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