Press
Bank of Ireland Finance (BIF) goes live with APAK
APAK Group plc is delighted to announce the launch of a new wholesale finance solution (WFSv5) for Bank of Ireland Finance (BIF). The implementation was completed in just five months, replacing the incumbent third party system and confirming APAK’s position as Europe’s leading wholesale finance system provider.
WFSv5 will provide Bank of Ireland Finance (BIF) with an advanced stocking application that will support its relationship with both Toyota and Lexus franchises. Critically it will offer dealers the ability to submit and fund dealer sourced stock online, allowing for real time credit checks, views of dealer group inventory and financial exposure; functionality which has become essential for motor finance providers in today’s market place according to the bank:
“Online web dealer access along with the other significant benefits offered by WFSv5 will help us to provide an enhanced level of service for our customers and business partners”, commented Tony Walshe, Head of Unit Stocking at Bank of Ireland Finance.
“APAK’s ability to implement its stocking system in such a short time frame is testament to its dedicated staff who have demonstrated an in-depth knowledge of the automotive finance industry.”
Migration from Bank of Ireland Finance’s existing system to WFSv5 was achieved seamlessly by APAK, a procedure completed many times with other clients. The new system will support BIF’s significant Motor Stocking portfolio. Supplied and operated via APAK’s ASP model (Application Service Provision) means that ongoing support and maintenance for WFSv5 is included in the service package provided to BIF, ensuring a future proof and cost effective solution.
“Bank of Ireland Finance required a proven wholesale finance solution that could replace their existing third party system with superior functionality and greater flexibility” commented Tony Allen, Asset Based Finance Manager for APAK. “Implementing WFSv5 has enabled BIF to achieve these goals, providing the bank with a true, real time stocking solution. It also strengthens APAK’s position as the market leading European system provider by adding Bank of Ireland Finance to other wholesale clients located in Germany, Holland and Belgium, as well as the UK”.
Notes to Editors:
About APAK
With over 25 years’ experience of providing specialist financial systems, APAK has become a market leader in the asset based finance and retail banking sectors. Our superior wholesale and retail finance technology is used by major financial institutions worldwide, processing over £7 billion worth of direct debits and credits through our ASP based systems each year. APAK is also renowned for its expertise in developing and integrating core banking technology. For further information please contact: Mark Johnson - Tel: + 44 (0) 1454 871000, Email: mark.johnson@apakgroup.com www.apakgroup.com