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Lakeba Group Launches Australian-First Software Driven Automation for Motor Vehicle Financing

28/11/2018

Lakeba Group has launched Verimoto, a mobile application streamlining the collection, processing and verification of information typically required to finance the purchase of a privately-owned motor vehicle. Replacing the need to arrange for a physical inspection, Verimoto is the first such mobile enabled software application to be developed in Australia and offers a revolutionary platform for the lender and broker market servicing the asset financing market, in particular the purchase of second-hand vehicles.

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, it is a simple matter of taking pictures of the vehicle and other requested documentation as guided by the app. Typically taking less than 15 minutes, the process will identify the seller, confirm other important details including the vehicle’s registration, ownership and location, and verify the seller’s bank details so money can be transferred faster and more securely.

As a final step, Verimoto then automatically sends all the information to be checked and verified against the databases of the relevant government bodies, with a fully detailed report being generated for the lender to review ahead of finalising the loan.

“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,” said Giuseppe Porcelli, CEO and Founder of the Lakeba Group.