A new force in equipment finance technology aims to help vendors increase point-of-sale finance volumes through a unique suite of software.

Finance Technology Services (FTS) is headed up by managing director Sean Oliver (pictured top) and Trevor Pirie, business development manager.

Both Oliver and Pirie worked for Corporate Asset Solutions as chief technology officer and operations director respectively before forming the new business.

Oliver developed the CAS-tellan suite of software products during his time at the company to help customer manage point-of-sale vendor relationships.

The system was designed for vendors and brokers with growing lending books to help wean them off excel spreadsheets onto more effective and economical software.

It was used by Corporate Asset Solutions and generated significant demand, eventually growing to support around 10,000 finance contracts, while it was also used by the company’s brokers.

Last year, the system was also introduced by challenger bank Wyelands Bank for its middle-to-high ticket asset finance arm.

To appeal to a wider range of equipment lenders, the duo decided to form a new company, FTS, which aims to ease the cost of entry for vendors that want to increase their point-of-sale finance sales, but may not have a captive finance company established.

Pirie (pictured below) said: “A benefit of casting off from Corporate Asset Solutions was that it helped to focus our minds solely on developing CAS-tellan without distractions.”

The company made its industry debut at the International Asset Finance Network conference in December 2019, where delegates were given a tour of the CAS-tellan system in Fintech Alley.

He added: “We found a huge benefit of the International Asset Finance Network conference. It solidified in our minds the fact that there was certainly a market for this entry-level system to get people using something that their auditors and block-discounters like, that has some rigidity and is secure but not over-expensive to achieve in the first place.”

Full portfolio control

The solution is modular by design, which enables users to customise the system or opt for the full contract management suite.

One module available within the system is Lightning Proposal, a workflow management tool that allows staff to log new business on the platform when they are out of the office.

The Contract Administration module allows users to manage an executed agreement from signing through to termination and gives them full control over their portfolio.

Oliver said: “The system is cost effective enough to be compatible with entry-level businesses, but its maiden voyage was on a company running 10,000 agreements, so the software is more than capable of growing with the business.”

A key benefit of the system is its cloud-based architecture, which provides a scalable platform and allows for rapid connections to other systems to minimise disruption to clients.

Oliver said: “Many other systems are clunky and rather intimidating to use. We have avoided the temptation to add a wide range of ancillary reports into the system, but there is the option for them to become available as a company’s demand and requirements grow.

“It doesn’t have an in-built accounting system but instead interfaces with the customers’ current system. Our customers are already running an accounting system so why would we build our own and disrupt their systems that are working fine. This also means that we can lower the cost of our offering.”

FTS, which currently employs five people, will support the equipment finance sector, particularly companies that don’t necessarily have a captive finance company.

Pirie said: “You tend to find a lot of experience with accountancy, operational, and sales functions but not much knowledge of running an asset finance, equipment finance, or rental book. So, what we’ve found is that they tend to take our system and consult with us on a regular basis as well.”

Expansion through brokers

Whilst manufacturers are a key target market, FTS also expects strong growth in the broker sector.

Pirie said: “We see a lot of traction coming from the broker sector, with brokers thinking of running their own books but perhaps being put off by the cost of entry.

“In our experience, many brokers have a perception that obtaining this type of software may be incredibly time consuming and cost tens of thousands of pounds. This leaves them little or no option other than to carry on as they are with a current system that is difficult and inefficient to manage, giving them real issues when attempting to scale up. We feel that the cost of a system should certainly not be a barrier to growth.”

Oliver added: “One of the things that differentiates us from similar products on the market is that all of the data in the system is available to the customer. They don’t have to pay us a lot of money to write another report or do another extract, because it’s already there waiting for them.

“Furthermore, our customers can access the software from any PC, laptop, phone or tablet, anywhere you can get internet access.”

A bright future

Looking ahead, although FTS is targeting the UK initially, Pirie stressed that the system has built-in worldwide potential.

In two years, its founders predict an expanded customer base across the equipment lending sector with a blend of clients ranging from lenders and manufacturers to brokers.

Pirie added: “We plan to be well established, dealing with a more involved customer base and speaking to our customers about what they want from the next version of the software.”