Overview
Wholesale Finance System (WFS) is tailored to meet all wholesale financing needs and provides a flexible environment in which to automate and manage the floorplan and bailment activities of a finance company. The design of the system is based on the concept of one asset/one loan to facilitate asset tracking and costing, with a flexible user-defined tax setup that can handle current and future requirements of any jurisdiction.
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Industries
Finance and Leasing
Manufacturing
Specifications
Wholesale Finance System can be sub-divided into two sub-systems:
- Wholesale Finance System (WFS)
- Dealer/Distributor/Auditor Access System (DDAAS)
Wholesale Finance System (WFS)
Application Setup
The first step in using the application is to set up range of parameters in the system that includes defining finance company, business rules for credit limits, assets, dealers, distributors, auditors, tax, display fee, and loan models / financial products.
Credit Request Management
The CRM module allows defining credit limits for different asset categories for each dealer. CRM also allows monitoring the variations in credit limits. Loans are approved within the defined credit limits. These limits can be revised as per the requirements.
Billing & Settlement
The Billing process covers the processing of various types of invoices, such as daily invoices, monthly invoices, and on-demand billing. The Settlement process provides the flexibility to settle the receipts selectively or automatically. It also includes back-dated receipt settlements and allows for provision for settlement at the time of billing. Accounts Receivables are also managed in this module.
Loan Management
This module covers a major process of the system, starting from capturing new stock (asset) information till the sale of Wholesale Finance System asset. The module handles the approval of loan, its payment, sale of unit, and receipt. It also manages split interest, discount on dealer margin, tax, repayments, adjustments and cancellations and deposit handling.
Stock Management
New Stock information is captured either through manual entry or an interface with the distributor/manufacturer. The system can handle Inter-dealer exchange of an asset, Asset relocation and Re-categorization of asset.
Audit Management
This module helps to maintain an up-to-date status of units in stock on the dealers’ premises. Internal auditors, external auditors, or both can perform the audit. Auditors are provided the latest stock lists and are required to check each stock physically. The system facilitates exporting dealer stock lists to MS Excel and also uploading audit results into the system from MS Excel.
WFS Interfaces
WFS provides powerful and easy-to-use interfaces. These interfaces link WFS with;
- Banks
- Distributors
- Dealers
- General Ledger
- Glass’s Guide
- Document Management System
- Active Directory
- Floor Plan Download
Dealer/Distributor/Auditor Access System (DDAAS)
DDAAS is a web based system which can be used with an existing wholesale finance system (WFS or third party application). There are three categories available in the System:
Dealer Access
The Dealer Access category allows the dealers to perform a number of tasks including viewing the wholesale summary, invoices, stock lists, credit status, curtailments, receipts, settlement status, asset transfer status, new stock status.
Distributor Access
The Distributor Access category facilitates distributors to view each dealer’s wholesale stock situation, outstanding invoices, credit limit status, account receivables and floor plan limit report (showing credit request details, status of credit limit, balance and UAF).
Auditor Access
The Auditor Access category facilitates auditors to schedule, conduct and view audits. Audit results can be entered in the system and can be accessed for viewing, crosschecking or editing purposes. Audit reports can also be generated.
Benefits
- Streamlined system for:
- Floor Planning, Dealer Financing, Inventory Financing
- Highly flexible user/template driven application
- Based on the concept of “one asset one loan” to facilitate asset tracking and costing
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