In the current market environment, strong performing banks are looking for new ways to deploy deposits and expand their product offerings. Developing new credit products typically requires a significant up-front investment in new systems and specialized headcount to manage the new product instrument. LaaS (lending-as-a-service) solutions allow financial institutions to partner with third party platforms which can help the bank offer a new commercial lending product without this up-front investment, limiting execution risk and credit exposure, while being able to expand the breadth of relationships with their customers.

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For bankers, the platform is simple to implement with potentially zero core integrations necessary. With Vero’s platform, their servicing team can handle the collection of titles, equipment auditing, payments, paperwork and dealer customer service at scale.

Services include:

• Titling – the platform streamlines titling via a FedEx integration and using DDI as title custodian. Titles are able to be sent out the next day.
• Auditing – Vero has a virtual audit tool and uses QuikTrak as an on-site audit partner.
• Customer Success – Vero interfaces with auctions and other suppliers to facilitate transaction activities.
• Funding Services – the platform provides verifying documentation and collateral conditions for every vehicle.
• Collections & Loss Mitigation – ready for cases where Vero does need to remarket assets.

Vero’s LaaS inventory financing platform combines underwriting, loan management, risk monitoring, and loan servicing into one system. It’s designed for easy implementation so banks can use the technology to streamline their current programs while having the option to leverage the Company’s underwriting and loan servicing teams to launch and manage the new credit product.