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Implementation of Web-based origination-through-booking system
to support lessor’s business growth initiative
MINNEAPOLIS, MN, July 21, 2005 – International Decision
Systems (IDS), the
standard-setting leader in equipment financing software and
service solutions,
announced today that Farm Credit Leasing (FCL) has gone live
with IDS Rapport and
will be rolling out the system beginning in the third quarter
to its Farm Credit System
association partners.
FCL, an independently chartered institution of the Farm Credit
System, is the
U.S.’s largest agricultural leasing company, serving more than 7,000
customers and
managing over $1 billion in lease assets. It is a wholly-owned
subsidiary of CoBank,
which specializes in financing for U.S. agribusinesses, rural
utilities and Farm Credit
associations.
“We chose to replace a group of disparate systems with one tightly
integrated
front-end system that uses leasing best practices to simplify
bid quote to closing,” said
Mike Romanowski, Vice President of Strategic Relationships
for FCL’s parent company
CoBank. “Our overarching goal was to integrate and align our business
functions and
market approach to better serve our partners, and to support
our mission to be the
preferred provider of financial services to the system.”
Mr. Romanowski added that beyond Rapport, IDS played a key
role in the
business process reengineering stage, “providing strong underlying
support which was
crucial to the project’s success. We’ve already begun to see
the benefits and are keeping
in step with future developments in lease accounting.”
“It is exciting to see the transformation taking place at FCL,” said
Todd Davis,
Chief Operating Officer of IDS. “Rapport is proving its mettle in
terms of handling some
of the most complex situations from a leasing perspective,
and its ability to be
customized with an extraordinary breadth of business rules.”
Rapport will enhance core application processing functionality,
partner/vendor
support and reporting capabilities, increase information
security, and support multiple
financial product types and participations. In addition,
it will provide multiple
workflow efficiencies, as well as connectivity with other
FCL applications, and has been
developed to handle the tax rules for all 50 states, including
tax exemption, down to the
county and city level, as the appropriate tax logic has
been configured into the system.
Introduced in 2002, Rapport has been selected by
more than 25 companies to
increase the efficiency of their lease/loan processing from
origination through booking.
While it can be fully integrated with a range of back-office
systems, the teaming of
Rapport with ProFiniaTM, the asset-centric lease/loan accounting
system from IDS,
forms a powerful, highly customizable solution suite that
promotes increased
productivity and return on asset (ROA) across the enterprise.
IDS’s expert Professional
Services team offers a full range of client support, including
a complete migration
strategy to minimize the cost and risk associated with conversion
to these solutions.
About International Decision Systems
International Decision Systems (IDS) is the global leader
in developing lease/loan
accounting and portfolio management software and services.
Headquartered in
Minneapolis, Minnesota, IDS also has offices in London, Sydney,
and Singapore. IDS
offers the largest and most experienced global consulting,
implementation, and technical
support teams in the equipment financing industry. For additional
information about
International Decision Systems, visit www.idsgrp.com.
About Farm Credit Leasing (FCL)
With more than $1 billion in leases outstanding, FCL
serves 7,000 customers across the
nation. Customers include agricultural producers, cooperatives,
Farm Credit
associations, agribusinesses and rural electric, communications
and water systems. FCL
is part of the $125 billion U.S. Farm Credit System, and
is a wholly-owned subsidiary of
CoBank, a Farm Credit System bank with $31 billion in assets.
For more information on
FCL, visit www.fcleasing.com.
# # #
Media Contacts:
Deb Marshal l, IDS Marketing Director, 612-851-3438, dmarshal l@idsgrp.com
Konaji lo Luseni, Makovsky & Co., Inc., 212-508-9684, kluseni@makovsky.com
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