Daimler Financial Services selects Sword Apak wholesale finance system

Source: Sword Apak

Daimler Financial Services AG, a company of the Daimler Group, has selected Sword Apak (part of the Sword Group) to implement a universal Wholesale Finance solution as part of its Global Products, Processes and Systems Program.

The initial rollout will see Sword Apak's market leading system (WFSv6) go live in 12 countries across Europe, beginning with France in Q1 2010. The agreement will help to minimise Daimler Financial Services' cost overhead for providing dealer stock funding by streamlining its worldwide wholesale finance operations.

Daimler Financial Services (DFS) is a leading provider in the financial services industry offering tailor-made leasing and financing solutions to promote vehicle sales of the Daimler Group's international brands. With a comprehensive product portfolio including financing, leasing, insurance concepts and fleet management services, Daimler Financial Services is responsible for a contract volume of €62 billion.

As part of DFS's strategic initiative to improve standardisation, automation and consolidation, DFS set up a "Global Products, Processes and Systems" (GPS) program which identified the requirement for a unified stock funding solution. "The new Wholesale Finance system exemplifies our global strategy to implement modular products, standardised processes and integrated IT systems across more than 40 countries," commented Norbert Meder, Vice President GPS at Daimler Financial Services AG. "Following a rigorous selection process, Sword Apak was chosen for its expertise and long-term experience of developing, implementing and supporting proven Wholesale Finance technology."

As a subsidiary of the Sword Group, Sword Apak has access to an international infrastructure of offices and hosting facilities which provide local presence, flexible on demand and in-house delivery options to support DFS's global operations.

Tony Allen, Business Unit Director for Sword Apak commented: "Implementing WFSv6 for Daimler Financial Services firmly establishes Sword Apak as the leading global supplier of Wholesale Finance systems. We are delighted to be working with DFS, whose pedigree and reputation as a leading provider of automotive financial services is highly regarded in the industry".

The solution design has already commenced with system rollout beginning in 2010 when WFSv6 will be deployed in France. Further European countries are scheduled to go live throughout the first implementation period.

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