On Tuesday, Alfa unveiled the third of six releases that make up Alfa Systems 6, which is the revamped iteration of the Alfa Systems software platform.

The automotive finance technology provider highlighted Sustainability offers new capabilities to address the industry’s evolving needs, particularly those finance companies that are driven by sustainability and changing business models.

Building on last year’s announcement of new Scope 3 reporting functionality to help Alfa customers track and report their portfolios’ emissions, Sustainability equips auto finance providers with the flexibility they need to:

— Embrace new business models: Support subscription-based offerings and XaaS (Everything-as-a-Service) models, which are gaining traction across industries.

— Manage the entire vehicle lifecycle: Extend product lifespans, optimize second and third lives, and streamline refurbishment processes.

— Comply with net-zero and ESG regulations: Navigate the changing landscape, shaped by environmental concerns and regulations.

“The auto finance industry is undergoing a period of significant transformation, driven by sustainability initiatives and innovative business models,” Alfa head of product Emily Hammond said in a news release.

“The Sustainability pillar of Alfa Systems 6 empowers finance providers not only to adapt to these changes, but also to capitalize on the exciting opportunities they present,” Hammond continued.

Other Sustainability features in Alfa Systems 6 include:

— Enhanced asset lifecycle management: Alfa Systems 6 allows customers to track and account for vehicles throughout their entire journey, from origination to end-of-life, including inventory management for reuse and resting, short-term second and third lives for vehicles, and streamlined refurbishment processes.

— Subscription-ready platform: A new subscription service pack supports a variety of subscription models, including on- or off-lease subscriptions, usage-based or periodic billing structures, and targeted AI-driven software subscriptions that optimize vehicle usage.

— Seamless Everything-as-a-Service facilitation: The XaaS service pack allows users to manage multi-asset schedules and contracts, utilize usage meters and customized usage-based billing, and integrate financing and invoicing of essential add-on services into a single, consolidated billing line.