La Banque Postale uses Cassiopae software to launch real estate finance business
15 January 2014 | 940 views | 0
Cassiopae, a global finance software provider, announces that La Banque Postale has implemented Cassiopae lending and leasing software to support the bank's real estate finance business.
La Banque Postale is the French Post Office's banking subsidiary. The bank's services include retail banking, insurance, and asset management. In 2012, La Banque Postale made the strategic decision to enter the real estate finance market.
"We identified a number of opportunities around being able to provide a real estate leasing solution for medium companies," said Eric François, Managing Director at La Banque Postale's credits enterprise subsidiary. "To enter the market, we needed proven, flexible leasing software that could grow with us in this market and others we might envision. Cassiopae gave us the platform we were looking for and enabled us to successfully launch a real estate leasing activity."
La Banque Postale's Cassiopae implementation is a hosted solution. The initial project took about 3 months, going live in November 2012. The implementation expanded in 2013 to accommodate more complex deals and automated accounting interfaces. 2014 will bring SEPA transfer among other project milestones.
The bank's real estate finance portfolio currently includes leases from 1M€ to over 30M€ with a total outstanding balance of over 200M€.
"After just one year in production, we have already achieved a good return on our Cassiopae investment," said François.
"It's always exciting to have the opportunity to participate in a new business," said Franck Jacovlev, EMEA Finance Market Director at Cassiopae. "The project emphasizes that Cassiopae's core leasing and lending functionality, and the software's adaptability, can serve as a key platform for businesses looking to enter new markets or geographies. Its success is also a testament to our agile methodology," Jacovlev added.