ITASCA, IL – April 18, 2022 — ENGS Commercial Finance Co., (“ENGS”), continued their advancement of new technology into the commercial finance space by fully automating the Uniform Commercial Code (UCC) submission and tracking process.
Prior to this advancement, the process for filing the UCC was a manual entry of specific borrower and asset details from the credit and loan management system within a specific window of time to be validated to secure the borrower a first priority security interest. This fully integrated and automated process from loan origination to submission reduces the risk of error and timeliness of filing.
Christopher Johanneson, Managing Director of Operations, Marketing and Digital Strategy for ENGS had this to say about the integration, “With a rapidly growing number of new originations and refinancing opportunities, our operations team was working harder than ever to file and track each UCC-1 and UCC-3 filing through i-Lien,” Johanneson adds, “the implementation of a technology layer to facilitate the two-way transfer of accurate data on time and helps our team better manage the secure flow of information from one system to the next. This addition frees up resources for us to service more customers efficiently and effectively.”
Automating this process involved cross functional collaboration and support from ENGS FINTECH partners connecting systems and data transfer. This included collecting and cross-referencing data from multiple data warehouses with multiple points of information verification, ensuring filings are completely and accurately filed, including individual state-specific regulatory compliance where required.
The addition of the UCC filing automation is yet another technology advancement allowing ENGS to serve a growing customer base with even greater efficiency.
For more information on this press release, please visit our website at www.engsfinance.com or call us at (800) 369-2391.
ABOUT ENGS COMMERCIAL FINANCE CO.:
ENGS Commercial Finance Co. (“ENGS”), is a market leading commercial finance company providing best-in-class, technology-enabled financing solutions to sellers and buyers of commercial equipment. ENGS is an industry expert committed to Service, Speed and Simplicity. The ENGS Digital FINTECH platform offers a 100% digital finance and service solution for greater efficiency and streamlined customer experience. Through ENGS Commercial Capital LLC, ENGS provides leading Working Capital products. ENGS is expanding its asset platform through non-lending businesses such as insurance solutions through ENGS Insurance Agency LLC. ENGS is also committed to supporting MHC’s global social goals by delivering financing offerings in the renewable and alternative energy markets.