Double financing of machinery

Protection of assets in international credit transactions

Protect your mobile assets against double financing

Database for uncovering cases of double, multiple and fraudulent financing

In asset leasing, assets that either do not exist or are financed multiple times can lead to damages in the billions. Banks and leasing companies can work together via a communication platform and database to protect against the double financing of machinery. Be a part of this today!

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Double financing of machinery

Reliable, clear identification of complex assets

In contrast to vehicles with their unique vehicle identification numbers, it is often difficult to clearly identify construction, agricultural and production machinery. Our platform is able to compare even fragmented data for identifying an object, thus increasing the levels of security when financing assets.

Comparing machinery data with a minimum of fuss

When concluding contracts or during the credit period, banks and leasing companies do not have the necessary resources to prove beyond doubt that an expensive machine actually exists and is owned exclusively by their own institute. It doesn’t require much imagination for a customer to offer the same crane or combine harvester to different banks as collateral for financing. With a little luck, the backer won’t even find out – unless they use our platform for protecting against double financing, of course:

Establish a routine that automatically compares your assets to other inventories, thus uncovering cases of multiple financing.

Become part of an asset register with a unique range.

Improve your risk management with minimal outlay, protect yourself against bad debts and reduce the need for regulatory capital requirements.

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Your benefits

In-depth asset expertise is often thin on the ground. Our platform for uncovering cases of double financing of machinery is thus all the more useful for shedding light on the identity of assets:

Preventative queries for low-risk involvement

Integration of specialist registers and databases

Workflow-based system

Double financing of machinery

Reducing credit risks automatically

During the first step, you enter the known identification data of the asset that you own or are being provided with as collateral into the web-based communication platform, which is connected to a database. The system is set up in such a way that it can process data from a wide range of assets, including the following:

Commercial vehicles
Construction machinery
Agricultural machinery
Special vehicles
Cranes
Trailers
Containers
Boats
All kinds of production technology

Detailed entries for a successful data comparison

All entered assets are registered in a database and compared to all the data contained here. Here, we check various parameters such as asset type, manufacturer and model, plus the model number or serial number. If the automated cycle determines that there are matching data records, we will notify you by e-mail or via the web interface. You will receive information on the corresponding asset and the additional institutes that are involved. It goes without saying that we will only pass on your data for resolving suspicious cases.

Machinery data must be up to date

We constantly delete old data records and replace them with the information you provide. In the interests of all participants, we recommend entering the data records on a monthly basis. The more up to date the data is, the better a suspicious case can be discovered. The CSV or Excel file with the financing portfolio provides information on what sort of asset is involved – such as a digger, harvester and so on – and the manufacturer of the machinery. The model and serial number are also included. If the serial number is not fully known, our asset register is able to reconstruct the asset from data fragments and text descriptions in order to protect against the double financing of machinery.

High level of information

In order to resolve cases and maintain the level of information contained on the platform, the participants classify them by a certain deadline and add any additional comments in the corresponding text field. The selection is as follows:

Genuine case of double financing
No double financing – incorrect or incomplete asset data in own inventory
No double financing – incorrect or incomplete asset data in the inventory of the other party
No double financing – asset already removed
No double financing – asset already removed at other party
No double financing – temporary overlap due to refinancing
No double financing – other reason