Aeris launches asset assurance platform for banks

Aeris Communications, a preferred Internet of Things (IoT) technology partner for enterprises, announced the launch of ‘Aeris Asset Assurance Platform’. This is the industry’s first comprehensive asset protection and repossession IoT platform for the auto financing and lending companies as well as enterprises using third-party fleet services for their logistics and distribution.

Marc Jones, chairman and CEO, Aeris, said: "We have done two major initiatives that started in the end of 2019. We firstly introduced the Fusion IoT network, which is a global network of across 190 countries. It is specifically built and constructed for IoT. Second, we announced a new global JV with Volkswagen in January 2020. Volkswagen and Aeris are calling it the Ventic. It will be used in the development and operations of connected vehicle platform technologies.

Ventic offers a highly customizable approach to Volkswagen’s specific requirements. This gives Volkswagen the ability to manage the connected car program on a single platform, while preserving the ability to deploy solutions that differ based on region or vehicle model. It leapfrogs all of the other technologies available in the market place today. We are now excited about the fact that we are shipping cars in the USA with the Ventic technology installed.

He added: "We are pretty excited about India. Aeris is augmenting the IoT capabilities with the next-generation asset assurance platform for the BFSI sector. We are introducing the industry’s first asset protection and repossession platform-based IoT solution. It is focused on the finance and insurance industries. This is industry’s first comprehensive asset protection and repossession IoT platform for the auto financing and lending companies as well as enterprises using third-party fleet services for their logistics and distribution.

"We have opened a new office in India in 2019, which is perhaps the most advanced. We have nearly 200 people now, and taken up a full floor. We have also enhanced the management team with key hires. We feel that globally and locally, here in India, we have built up a momentum in the IoT space."

Sameer Mahapatra, responsible for Sales in India, said: "We are formally launching the Aries assurance platform that has been built over the last 4 years. It is very robust and supports telematics across the industries with multiple use cases. We are formally launching it now to take it to the larger use cases across the country. We have a lot of customers, partners and the banking fraternity at the evening function. The use case for the platform is spread across all of these stakeholders. We will unveil and discuss the platform with our customers.

Marc Jones noted: "It is an IoT platform, and comes with specific capabilities for the finance and insurance industries. We call it the asset assurance platform. It is really about helping banks and other financial institutions to be able to track, lend and understand the utilization of assets. It is looking at placing high-value assets in the hands of the people. We are trying to bridge the gap with this technology. It will make a difference in what's happening in India.

"Our initial focus is on the finance and insurance industries. Over time, we will evolve into the other industries. We try and penetrate areas, cover those, do them well, and create value for customers, so that they are able to create value for their own customers.

"We don't have a very short-term orientation towards any market, and definitely not towards India. We have been investing in the Indian market since 2016, and we are comfortable making those investments. We think that working with 30-40 top institutions in India will help give us the knowledge and the insight to rapidly innovate. Once we have done that, we will go into the additional industries."

The benefits of the Aeris asset assurance platform are:
* Provides a mechanism for proactive credit default detection.
* Improves business profitability by reducing repossession & redeployment cost related losses.
* Improves customer management and discoverable profile for the portfolio.
* Prevent asset from being misused.