In 2013 LHV Finance started new business and needed solution which would be mature, proven and fit company needs. Good previous experience with Columbus solution for Leasing helped to create clear vision: ColumbusLeasing is the right product for LHV Finance and will bring many benefits in financial company processes management.
After LHV Finance was founded need for special software solution appeared. The main functional requirement was ability to integrate financial accounting and full cycle process of hire purchase for retailers, starting from contract posting to system and ending with contracts expire or termination.
LHV Finance was established in January 2013. In April the hire-purchase product and information systems which are necessary for issuing and administration of hire-purchase products were completed and first contracts were signed. In May the company launched hire-purchase service in all Euronics chain (19 stores), starting from June - step by step in other stores, total number of stores is more than 100.
ColumbusLeasing is specialized add-on for leasing companies based on Microsoft Dynamics NAV, created for leasing activities management and integrated with NAV financial accounting. The add-on supports full business cycle from contract offer to its ending procedures.
In this implementation standard ColumbusLeasing solution has been adopted to fit special business requirements of LHV Finance and scope of the solution covers:
- Leasing schedule calculation specifics of hire-purchase product, adjusted for financing of small retail items (phones, TV, fridges etc.)
- Leasing specific data exchange basis via web services
- Contract operation procedures, adopted for high volumes of contracts: regular invoices creation and their delivery by email, regular post or e-invoice channel, finance charges calculation, contract amendments
- Contact ending procedures: natural expiration, early buy-out with possibility to split components between customer and third party, asset repossession
- Document management functionality: documents preparation, printing, saving to *.pdf in prior defined sets
- Debt management tools: reminders creation and delivery by email or regular post, debt tracking reports, integration with credit registries
- Hire purchase product launch on time. Having in mind big scope and sophisticated schedule of the project, launch on time is great achievement
- During the first year over 16 000 contracts in volume close to 10 million euros were issued and administrated using new program. Many automatic solutions were created to accomplish that. Within 1 year LHV Finance became one of the biggest hire purchase provider in Estonia.
Indrek Kaljumae, Software Development unit Manager feedback
As LHV Finance started new business, we needed solution which would be mature, proven and fit our needs. As we had previously good experience with Columbus solution for Leasing, the vision was quite clear: ColumbusLeasing is the right product for LHV Finance.
ColumbusLeasing was the exact solution that we needed in order to start with Consumer Factoring as fast as possible and with minimal risk.
Columbus has proven its high expertise not only by building one system but two (Leasing and Consumer Finance) for LHV and we consider it as no coincidence rather a proof of their high level competence in IT and finance industry.
Columbus can definitely be considered as a reliable, competent and highly conscientious partner, especially when you get the luck to work with Egidijus Plynius and Aušra Urbonienė as their competence and understanding of client needs and problem solving is beyond your expectations.