Financial services subsidiary offering flexible commercial financing options to purchasers of client’s own commercial printing press manufactured products.
Client Location, Areas Served
Northeast US, serving US, Canada, Mexico and other selected countries.
Coming from a loan accounting software which managed the basic loan servicing requirements, the client was seeking to upgrade to a more comprehensive commercial software that could handle both loans and leases.
Problems to Resolve
Improvement to current system to more accurately reflect their various finance programs and the ability to service contracts more effectively with reporting to parent company in a timely and highly detailed manner.
Stated Business Needs
As a subsidiary to the parent manufacturing entity, the client was required to report on monthly portfolio balances and metrics according to a predetermined format and according to their global country and sales divisions. Other contract tracking and servicing needs included:
✓ Diverse loan and lease finance product types (over 20)
✓ Representation of their unique organizational structure for source of finance (sales)
✓ Lien filing and expiration tracking
✓ Integration with lockbox for ACH payments
✓ Customer note aggregation and tracking
✓ Online collection data availability
Ryznware™ Implementation Results and Benefits
Through extensive tailoring and with a strong focus on the client’s unique product line and sales divisions where finance deals originated, the final Ryznware™ software delivered on all stated needs. The resulting benefits to the client resulted in significant reduction in time and resources in carrying out month end accounting. Customer service was enhanced with real-time, accurate data for immediate response to inquiries and quote requests. Customer invoicing was automated monthly in their preferred language with late fee accruals resulting in lower delinquencies. A more pro-active collection approach resulted in a overall reduced personnel, administrative and office related costs.
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