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Monday, April 7, 2008

Bank of Ireland Finance Goes Live with Sword Apak

Sword Apak 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 Sword 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.

“Sword 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 Sword Apak, a procedure completed many times with other clients. The new system will support BIF’s significant Motor Stocking portfolio. Supplied and operated via Sword 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 Sword Apak. “Implementing WFSv5 has enabled BIF to achieve these goals, providing the bank with a true, real time stocking solution. It also strengthens Sword 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”.

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.

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