FAST today announced the launch of FAST Xpress, an industry-first white label asset finance solution. Launched in partnership with Westpac, the product presents a ‘game changing’ proposition to FAST brokers, as the first white label asset finance product to be backed by a major bank.
FAST Xpress offers small to medium-sized enterprise (SME) clients an attractive solution for financing cars and light commercial vehicles. It is available for purchases of up to $250,000 for existing Westpac business customers and $150,000 for new-to-bank customers, with 100 per cent funding available. The product also offers FAST brokers fixed income brokerage.
The new product is an enhancement and expansion on FAST’s current asset finance offering which was introduced four years ago in order to enable FAST brokers to diversify revenue streams by meeting the growing asset finance needs of their SME clients.
Powered by Westpac’s Drive Online technology, FAST Xpress also offers online lodgement and quotation, enabling brokers to quote and submit applications online as well as generate documents for equipment finance deals.
FAST CEO Brendan Wright said the launch reaffirmed the NAB-owned aggregator’s position as the best in the market for business lending and asset finance through its commitment to supporting brokers to capture the SME opportunity.
“The launch of FAST Xpress is yet another example of our industry-leading commitment to supporting business-minded brokers to grow their businesses through asset finance.
“Given as many as 40 per cent of brokers’ existing clients are small business owners, FAST Xpress enables our brokers to meet their evolving clients’ needs and diversify their revenue streams more efficiently.”
Greg Pell, general manager, equipment and commercial introducers at Westpac said he was pleased to be rolling out the FAST Xpress product to FAST brokers, following a successful six-month pilot, which saw over 30 FAST brokers participate.
“Small business is the backbone of the economy and we are proud to help make Australian businesses stronger by supporting brokers and their clients enter this market,” Mr Pell said.
“FAST Xpress is a compelling cash flow tool which allows businesses to invest in important assets whilst preserving both their cash and capital. Fixed repayments also assist brokers’ clients to budget with certainty.”
FAST is currently hosting broker accreditation sessions for FAST Xpress, with events taking place across the country throughout August.
[Related: FAST continues support for female brokers]