Deerfield Beach, Fla. – Wells Fargo Equipment Finance, Inc. (Wells Fargo) has selected DataScan Technologies LLC (DataScan), a leader in wholesale finance accounting and risk management systems, as its system provider for Wells Fargo’s floorplan lending business in the United States and for its Canadian affiliate.
Due to a strong commitment to the project by Wells Fargo and DataScan, the new system was implemented in under three months – compared to the standard six to nine months usually needed to put DataScan’s suite of systems into operation, which entails gathering requirements, converting data and conducting testing. Wells Fargo, based in Minneapolis, Minn., is now using the Application Service Provider (ASP) versions of DataScan’s Wholesale Management System (WMS), Dealer Access System (DAS), and Collateral Management System (CMS) products to provide their customers with flexible lending products, detailed billing statements and online access to their floorplan accounts.
“Our best-in-class solutions work well for this industry by enhancing electronic communications between the floorplan lender and the equipment dealer,” said Frank Armstrong, President, DataScan. “We look forward to working with Wells Fargo – a well-respected leader in the equipment finance business.”
“DataScan’s state-of-the art floorplan solutions have streamlined our lending solutions through an easy-to-use, online interface,” said Christopher J. Canney, Vice President & Director of IT, Wells Fargo Equipment Finance, Inc. “Our equipment dealers now have the tools they need to remain competitive.”
DataScan’s products have revolutionized the way banks and financial institutions manage their floorplan portfolio, allowing them to work more effectively with quick, secure Internet access. Wells Fargo’s floorplan solution includes DataScan’s top products:
Wholesale Management System
Considered the "industry standard," DataScan's Wholesale Management System was specifically designed to satisfy the unique needs of the wholesale floorplan industry. WMS provides banks and captives the flexibility to market a broad range of wholesale lending programs, real-time information necessary to manage corresponding risk, and cost savings required to remain competitive. WMS clients realize higher profits, lower risks, and increased productivity.
Dealer Access System
The first application of its kind, Dealer Access System offers dealers real-time Internet access to their wholesale floorplan portfolio and allows their users to submit floorplan loan requests, equity account deposits/withdrawals, and remit payments – at any time, day or night. Dealers can also review and report on critical management data including available credit, outstanding balances, monthly billing statements, and current interest rates.
Collateral Management System
Designed specifically for wholesale lenders, DataScan’s Collateral Management System offers financial institutions state-of-the-art technology to manage floorplan risk and improve efficiency. CMS helps lenders identify potentially risky situations before a loss occurs by capturing relevant data and highlighting risk factors on a variety of review screens and reports. CMS improves efficiency by automating the reconciliation and reporting processes.