City National Bank implements NetSol's LeasePak ASP platform

Source: NetSol Technologies

NetSol Technologies, Inc. (NASDAQ:NTWK), a U.S.-based multinational provider of enterprise software and services for equipment finance, today announced that its wholly owned subsidiary McCue Systems of Burlingame, Calif., has successfully completed the implementation of its LeasePak ASP solution at City National Bank.

Headquartered in Beverly Hills, Calif., City National Bank is California's premier private and business bank.

City National Bank undertook an initiative to create an equipment leasing department in 2005. To drive the initiative, the Bank recruited David Maurer as its new Senior Vice President of Equipment Leasing to lead the program. Since the LeasePak implementation in March 2006, the department now manages over $35 million in leased assets.

"As a vendor-hosted solution, LeasePak proved to be cost-effective by maximizing our existing infrastructure while providing a highly scalable solution necessary for future growth," said Maurer. "The ability to simply license LeasePak without incurring the capital costs of purchasing new hardware and software allowed us to get up and running quickly with no added internal IT resources - a key benefit to any startup operation."

The LeasePak ASP solution provides customers with all of LeasePak's functionality and bank-level security while outsourcing infrastructure support to a third-party hosting service provider. For City National Bank, McCue Systems recommended its longtime partner organization, LeaseDimensions of Portland, Oregon.

"We are pleased with David's enthusiastic endorsement of our new LeasePak ASP solution," commented Andrew Lea, McCue Systems Vice President of Marketing and Corporate Communications. "We believe that providing LeasePak as an ASP option has expanded the range of deployment models for LeasePak users. In the case of City National Bank, as with all ASP clients, we provided a pathway to rapid implementation while allowing them to retain their options to bring the system in-house at any time."

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