Volvo Commercial Finance Launches Web Services Software ExpressOS(TM) To Streamline North American Financial Workflow
ONTARIO, Canada, Oct. 23, 2003 -- Cyence International announced at the Equipment Leasing Association's annual convention last week that it has installed its collaborative Web services software, ExpressOS(TM), throughout Volvo Commercial Finance's (Volvo Commercial) North American origination and financial services platforms. This multi-currency, multi-lingual solution manages origination and booking for transportation assets and construction equipment financing throughout the United States and Canada.
Volvo Commercial was seeking a solution that would fully automate processes -- from lease origination to transaction booking to directly flow into Volvo Commercial's back office operations.
"We needed a software services provider capable of creating a highly configurable technology solution with specific industry expertise and global integration experience," said Volvo Commercial President James R. Ryan.
"This project is helping us achieve our goals in relationship management, profitable growth, quality loss mitigation and people development," he added, stating that he was pleased that the project also stayed on budget and deadlines.
Cyence and its implementation partner, Deloitte, earned the opportunity to create and implement Volvo Commercial's new origination and booking system based on their ability to meet a number of complex requirements. These included the need for real time management reporting capabilities, easy transfer of knowledge captured, a single-source architecture, and the ability to integrate with existing wrap-around systems that would support Volvo Commercial's Volvo and Mack dealers spread throughout North America.
"With ExpressOS (TM), Volvo Commercial can manage the unique requirements of multiple finance business divisions to extend the life of their legacy systems and allow for future growth -- without investing in new technology," Greg McIntosh, COO of Cyence, said. ExpressOS (TM) is thought to be the only solution in the equipment leasing and finance industry that is 100 percent Web services.
"Web services technology is a suite of elements and standards that are synchronized to produce consistent, persistent electronic access to best practices," explains Peter Hyne, CEO of Cyence. "The goal is to remove the hardware and software limitations normally associated with proprietary environments and make information universally available to a potentially anonymous request. The culture most receptive to Web services," Hyne explains "is one in which there is a relentless quest for operational savings and excellence."
About Cyence International
Cyence International Inc., based in Burlington, Ontario, Canada, is a leading provider of Web Services software solutions for the world's banking, manufacturing, and equipment finance markets. Since 1996, it has been designing, testing, and expanding its technologies in the global marketplace. Clients are provided with a full range of professional services and two state- of-the art data centers, one in Burlington, Ontario, and the other in Dallas, Texas. Cyence's flagship product, ExpressOS(TM), facilitates every step in the end-to-end cycle of financial workflow, including origination, credit adjudication, document management, audits, funding and booking.
About Deloitte
Deloitte is the world's only and largest privately held consultancy providing a full suite of services including accounting tax and consulting. The firm provides a broad set of tailored solutions to select clients globally to increase shareholder value. This year the organization operates in over 140 countries and will have estimated revenues of US $15 billion.
About Volvo Commercial Finance
Volvo Commercial Finance, based in Greensboro, North Carolina, is a member of the Volvo Group, a publicly held company headquartered in Gothenburg, Sweden. The Volvo Group ("Volvo") has annual sales of approximately 18 billion US dollars. Volvo's business areas include heavy trucks, buses, construction equipment, marine and industrial drive systems, aerospace and financial services. In the United States Volvo shares are listed on NASDAQ and are traded as ADRs (symbol VOLVY).