Written by Brian Rogerson
Wednesday, 17 February 2010 07:49
Written by Brian Rogerson
NetSol’s Evolve system has been designed specifically for smaller or start-up finance companies which seek to establish themselves in instalment-lending management.
“Whether you are a new start-up company with ambition, an established business looking for further growth and efficiency, or a mixture of in house and broker-based finance, Evolve will provide the required functionality, and very importantly, a high level of credibility to potential funders, ” Langford explains.
Opened in Canada
In April 2009 D&D Leasing UK opened for business. D&D Managing Director Rev. Dr. Bill Dost has for a number of years operated a successful leasing business in Canada focusing on providing lease finance to clients that ordinarily wouldn’t pass the automated credit scores of traditional lessors.
D&D’s approach is to assess the merits of each deal in full, not just the agency report information. As part of the business start-up process in the UK Dr Dost recognised that he not only needed good people, with local knowledge of the UK market, potential clients and competitors, but he also needed a proven, solid computer system that could support his business and provide a platform for growth.
After reviewing the systems available Dr Dost opted for NetSol’s packaged lease and loan administration system Evolve.”Evolve is the ideal system for us, it is modern, proven, had the necessary functionality to handle all our requirements, and most importantly NetSol offered a rapid implementation alongside acceptable commercial terms. Evolve was implemented within 6 weeks. Since our go-live we have taken a new release that provides an updated Equifax export interface, along with more flexibility to manage our documents” Dr Dost commented.
As the D&D business grows the decision to go with Evolve will provide the opportunity of an easy upgrade from Evolve to LeaseSoft Asset. Evolve provides packaged functionality, with all Evolve clients operating the same package version, whereas upgrading to LeaseSoft Asset opens the possibility for custom software enhancement to differentiate and create real advantage.
Decision to upgrade
For many organisations the decision to upgrade their system involves many weeks, often months, of effort in requirements gathering RFI/RFP preparation, technical infrastructure review, retraining, data transfer etc., upgrading from Evolve to LeaseSoft Asset can be accomplished in days – put simply NetSol just turns on more functionality, the data model and underlying system architecture doesn’t change – a genuine upgrade, definitely not a replacement.
“We have plans to grow our UK business, but also to extend to new territories, with NetSol systems we can move to those new territories with confidence that the software can come with us” Dr Dost commented.
Evolve is also designed for use by finance brokers. “Brokers who are seeking to both broke out deals and also to write an element of their own book will find the system suitable for both purposes. It provides one database for all their new business.”
Langford stresses that lessors utilising Evolve can progress to NetSol’s LeaseSoft system as their business grows. “Start-up companies,” he explained, “will find that Evolve suffices for traditional deal-making. As the volume of new business multiplies, however, LeaseSoft’s additional functionality can be tailored to the exact requirements of the company.”
“These extra functions include web-based modules including new-business origination, further interfaces with credit reference agencies and variable rate functionality. The transition to the more advanced functionality and technology is by upgrade and doesn’t require a data transfer.”
www.assetfinanceinternational.com | February 2010