News Articles

Thursday, March 15, 2012

Credit Agricole Consumer Finance Netherlands B.V. Goes Live with Sword Apak’s Wholesale Finance System

Credit Agricole Consumer Finance Netherlands B.V. (CA-CF NL) has gone live with Sword Apak’s wholesale finance system, ‘WFS’, to support its Ribank automotive brand. The new application will administer dealer floorplan arrangements for a range of clients, including Mitsubishi. The system was implemented within four months and will support ‘New’, ‘Demonstrator’ and ‘Used’ vehicle funding.

“Today’s complex automotive finance market and IT environment requires new and innovative thinking for the effective implementation of sustainable, ‘Enterprise-wide’ applications”, commented Bert Bijsterbosch, CFO at CA-CF NL. “With Sword Apak we have found a specialist floorplan technology partner committed to this approach and demonstrated by the successful design, development and deployment of a first class, technically advanced stock finance system, which has been implemented to support our wholesale client relationships in the Netherlands”. Bijsterbosch added: “I would also like to congratulate both the Sword Apak and Credit Agricole teams, who by working together in close partnership ensured that WFS was smoothly integrated into CA-CF NL’s IT landscape, whilst delivered on time and within budget”.

Sword Apak’s WFS solution is supplied to CA-CF NL on an Application Service Provision (ASP) basis, offering an on-going, low cost operating model that will significantly reduce the overheads associated with running its dealer funding operation. The system provides a fully integrated, web native wholesale finance solution, combining all financial products and portfolios into one core application for improved operating efficiency. The ‘self-service’ element of WFS will also help Credit Agricole Consumer Finance Netherlands to offer an improved customer service, as manufacturers and dealers will be given access to information including credit lines, stock lists, bank transactions, reports and management information. This will allow users to manage their stock finance accounts online, make new and used vehicle funding requests, payoff existing loans, swap vehicles, view reports and download statements, all subject to user authority.

James Powell, Sales Director for Sword Apak remarked: “It has been a pleasure to work with CA-CF NL on this project and we are delighted to help the company achieve its aspirations in the Netherlands, as well as looking ahead to other European countries”. Powell further commented : “We are now looking forward to the next implementation phase which will deliver new functionality for Credit Agricole, including advanced document management and workflow along with automated used vehicle funding”.

About Sword Apak

Sword Apak (part of the Sword Group) has over 30 years’ experience of providing specialist Wholesale Finance solutions. Supporting over 10,000 dealers in more than 20 countries, Sword Apak is recognised as a worldwide market leader in systems for the asset-based finance sector. Sword Apak’s global floorplanning software is used by major financial institutions, processing €24 billion worth of direct debits and credits each year through our hosted systems technology.

Please visit www.sword-apak.com for more information.

Press Contact: marketing.team@sword-apak.com