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Thursday, April 3, 2008

Nordea Goes Live with Sword Apak

Sword Apak is pleased to announce that Nordea Specialized Financial Services has gone live with its wholesale finance system (WFS) across the Nordic region. WFS has been implemented in four countries: Denmark, Sweden, Norway and Finland, reinforcing Sword Apak’s position as the leading supplier of stocking finance technology in Europe.

Specialized Financial Services consists of Nordea Finance and NF Fleet companies operating in the Nordic and Baltic countries and Poland. Specialized Financial Services offers a broad range of financial services to vendor, point of sale and auto dealer customers as well as bank corporate customers. The focus areas are asset based financing and sales finance. As part of its strategy to expand its asset finance business, Nordea required a sophisticated unit stocking facility that would provide an enhanced wholesale finance service for clients.

Following an extensive selection process, Sword Apak was chosen for its indepth knowledge of automotive finance, gained from its long-term experience of implementing stock finance systems. WFS provides Nordea with a web enabled, fully integrated wholesale finance system giving Nordea customers access to WFS in their local language via a web browser. Importantly for Nordea, WFS interfaces with the company’s international payments system known as ‘Corporate E-Gateway’ which automates all incoming and outgoing payments from one centralized point across all countries. This gives Nordea customers the choice of using direct debit or instigating payments themselves. Regardless of the payment method, WFS supports the automatic allocation of funds.

Jukka Salonen head of Specialized Financial Services in Nordea sees the WFS implementation as a significant step forward in helping Nordea to widen its wholesale finance operation both geographically and functionally. “With Sword Apak’s WFS system, Nordea is able to provide a unified and streamlined stocking facility throughout the Nordic countries. Functionally, WFS will help Nordea to offer improved customer service, through its multi country, currency and language capabilities”.

Sword Apak’s Business Unit Director, Tony Allen, added: “Nordea is a significant addition to our European customer portfolio through the implementation of WFS in four new countries. Sword Apak is now well positioned to support major European markets with live operations in Denmark, Finland, Germany, Holland, Norway, Sweden, and the Republic of Ireland 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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