Challenge: With key staff retiring, a Lender needed to replace their aging proprietary system in a tight timeframe and budget while ensuring no disruption to clients.
A well-established financial company in Georgia needed to replace its proprietary finance system built on an old version of Oracle application. Given the retirement of the in-house developer and the sunset of the Oracle application, the cost to upgrade and modernize this legacy application would be excessive, if not, impossible. The challenge was further accentuated by the firm’s unique portfolio of asset-based lending, factoring, and inventory deals, along with the requirement for the system to process thousands of invoices against receipts regularly. It was also imperative that the firm’s clients perceive no disruption to their credit line, and their lender had transparency into the borrowing bases.
Solution: ABLSoft offered the best solution with its all-in-one ABL & Factoring platform to help the Company achieve greater productivity, reduce errors and delight borrowers.
Rich Capabilities: When the Company discovered ABLSoft, they were encouraged by the breadth, flexibility, and robustness of the platform to support asset-based lending, factoring, and inventory lending within a single solution. The ability to process heavy volumes of transactions along with adjustable rates and fees chargeable at an invoice or loan level were critical features for their success.
Efficiency: With a large portfolio, operational efficiency was another key driver. The ability to automatically process borrowing bases and calculate ineligibles on a daily basis without human intervention was game changing. Month-end closings went from hours, and sometimes days, down to minutes for the CFO to complete. Reports were no longer pulled but automatically pushed to borrowers and their investors with real-time information.
Affordability: The Company conducted over a year of extensive research among numerous vendors before choosing ABLSoft. They were pleasantly surprised to find that the ABLSoft platform contained 90% of their required features for a ABL/Factoring system. Not only that, the pricing was competitive and the development of a brand new custom system was completed in months, not years. The Company could not have been happier with the overall system, value, and personalized service from ABLSoft.