Leading Chinese Auto Finance Provider Transitions to NETSOL’s Transcend Finance Platform as Part of Multimillion-Dollar Agreement
NETSOL Technologies, Inc. (Nasdaq: NTWK) has announced that a leading Chinese automotive financial services provider has successfully transitioned to NETSOL's Transcend Finance Platform as part of a multimillion-dollar agreement. The Guangzhou-based customer, a partner since 2009, upgraded to manage their retail and wholesale operations, including Omni Point of Sale, Contract Management System, and Wholesale Finance System.
The transition involved one of the largest volume migrations by NETSOL in China, with over three million contracts migrated. The implementation was executed seamlessly with zero go-live critical faults and 100% successful data migration, maintaining NETSOL's perfect implementation success rate worldwide.
NETSOL Technologies, Inc. (Nasdaq: NTWK) ha annunciato che un importante fornitore di servizi finanziari automobilistici cinese ha completato con successo la transizione alla Piattaforma Transcend Finance di NETSOL come parte di un accordo multimilionario. Il cliente con sede a Guangzhou, partner dal 2009, ha aggiornato il sistema per gestire le proprie operazioni al dettaglio e all'ingrosso, inclusi Omni Point of Sale, Sistema di Gestione dei Contratti e Sistema di Finanza all'Ingrosso.
Il passaggio ha comportato una delle migrazioni di volume più elevate effettuate da NETSOL in Cina, con oltre tre milioni di contratti migrati. L'implementazione è stata eseguita senza alcun errore critico al momento della messa in esercizio e con un tasso di migrazione dei dati del 100%, mantenendo il tasso di successo perfetto di NETSOL nelle implementazioni a livello mondiale.
NETSOL Technologies, Inc. (Nasdaq: NTWK) ha anunciado que un importante proveedor chino de servicios financieros automotrices ha realizado con éxito la transición a la Plataforma Transcend Finance de NETSOL como parte de un acuerdo multimillonario. El cliente, con sede en Guangzhou y socio desde 2009, actualizó su sistema para gestionar sus operaciones minoristas y al por mayor, incluyendo Omni Point of Sale, Sistema de Gestión de Contratos y Sistema de Financiación al Por Mayor.
La transición involucró una de las migraciones de volumen más grandes realizadas por NETSOL en China, con más de tres millones de contratos migrados. La implementación se llevó a cabo sin errores críticos y con un 100% de éxito en la migración de datos, manteniendo la tasa de éxito perfecto de NETSOL en implementaciones a nivel mundial.
NETSOL Technologies, Inc. (Nasdaq: NTWK)는 중국의 주요 자동차 금융 서비스 제공업체가 다중 백만 달러 계약의 일환으로 NETSOL의 Transcend Finance Platform으로 성공적으로 전환했다고 발표했습니다. 2009년부터 파트너로 있었던 광저우에 본사를 둔 고객은 Omni Point of Sale, 계약 관리 시스템, 도매 금융 시스템을 포함한 소매 및 도매 운영을 관리하기 위해 시스템을 업그레이드했습니다.
이번 전환은 NETSOL이 중국에서 수행한 가장 큰 규모의 마이그레이션 중 하나로, 300만 건 이상의 계약이 마이그레이션되었습니다. 구현은 중요한 오류 없이 원활하게 진행되었으며, 100% 데이터 마이그레이션에 성공하여 NETSOL의 전 세계 완벽한 구현 성공률을 유지했습니다.
NETSOL Technologies, Inc. (Nasdaq: NTWK) a annoncé qu'un fournisseur chinois leader de services financiers automobiles a réussi sa transition vers la Plateforme Transcend Finance de NETSOL dans le cadre d'un accord multimillionnaire. Le client basé à Guangzhou, partenaire depuis 2009, a mis à niveau son système pour gérer ses opérations de vente au détail et de gros, y compris Omni Point of Sale, système de gestion de contrats et système de financement de gros.
La transition a impliqué l'une des plus grandes migrations de volume réalisées par NETSOL en Chine, avec plus de trois millions de contrats migrés. L'implémentation a été réalisée sans aucune erreur critique lors du lancement et avec un taux de migration des données de 100 %, maintenant ainsi le taux de succès parfait de NETSOL dans les mises en œuvre à l'échelle mondiale.
NETSOL Technologies, Inc. (Nasdaq: NTWK) hat angekündigt, dass ein führender chinesischer Anbieter von Finanzdienstleistungen für die Automobilbranche erfolgreich auf die Transcend Finance Platform von NETSOL umgestiegen ist, im Rahmen eines multimillionenschweren Vertrags. Der in Guangzhou ansässige Kunde, der seit 2009 Partner ist, hat sein System aktualisiert, um seine Einzelhandels- und Großhandelsoperationen zu verwalten, einschließlich Omni Point of Sale, Vertragsmanagementsystem und Großhandel Finanztarif.
Der Übergang umfasste eine der größten Volumenmigrationen von NETSOL in China, mit über drei Millionen Verträgen, die migriert wurden. Die Implementierung wurde reibungslos ohne kritische Fehler in der Produktionsphase und mit einer 100% erfolgreichen Datenmigration umgesetzt, wodurch NETSOLs perfekte Implementierungserfolgsquote weltweit aufrechterhalten wurde.
- Multimillion-dollar agreement secured with a long-standing customer
- Successful implementation of Transcend Finance Platform for a major Chinese auto finance provider
- Large-scale migration of over three million contracts completed successfully
- Zero go-live critical faults and 100% successful data migration
- Maintained 100% implementation success rate worldwide
- None.
Insights
The transition of a major Chinese auto finance provider to NETSOL's Transcend Finance Platform is a significant development for NTWK. This multimillion-dollar agreement demonstrates the company's ability to retain and upgrade long-term clients, which is important for sustainable revenue growth. The successful implementation of such a large-scale project, involving the migration of over three million contracts, showcases NETSOL's technical capabilities and reliability in the fintech space.
The upgrade to the AI-powered Transcend platform suggests potential for improved operational efficiency and competitiveness for the client, which could lead to increased satisfaction and potential for upselling additional services. NETSOL's 100% implementation success rate globally is a strong selling point that may attract new clients and encourage other existing clients to upgrade.
While specific financial figures aren't provided, the multimillion-dollar nature of the deal implies a substantial revenue boost for NETSOL. Investors should monitor future earnings reports to gauge the impact on the company's financials. The long-term partnership since 2009 and this significant upgrade also signal strong client retention, which is typically associated with lower customer acquisition costs and higher profitability.
NETSOL's Transcend Finance Platform represents a significant technological advancement in the asset finance and leasing industry. The platform's modular structure, including Omni Point of Sale, Contract Management System and Wholesale Finance System, offers a comprehensive solution for both retail and wholesale operations. This integrated approach can provide clients with a unified view of their business, potentially leading to better decision-making and operational efficiencies.
The successful migration of over three million contracts is technically impressive and demonstrates the platform's scalability and robustness. The zero go-live critical faults during implementation is a testament to the platform's stability and NETSOL's expertise in managing complex transitions.
The mention of AI-powered capabilities in the Transcend platform suggests advanced features such as predictive analytics, automated decision-making, or intelligent process automation. These technologies could offer significant competitive advantages to NETSOL's clients in areas like risk assessment, customer service and operational efficiency. As the fintech industry continues to evolve, NETSOL's investment in AI technology positions them well for future growth and innovation in the auto finance sector.
ENCINO, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK), the global leader in delivering state-of-the-art solutions for the asset finance and leasing industry, has announced that a renowned provider of automotive financial services across China and longstanding partner of the Company has gone live with NETSOL’s Transcend Finance Platform as part of a multimillion-dollar agreement.
The Guangzhou-based customer, who has been a partner of NETSOL since 2009, decided to upgrade to the Company’s Transcend Finance Platform to upgrade and manage their retail and wholesale operations. This includes Omni Point of Sale (Omni POS) and Contract Management System (CMS) for retail operations, and Wholesale Finance System (WFS) for wholesale. The transition also includes an end-to-end migration – one of the largest volumes migrated by NETSOL in China at over three million contracts.
“This customer, which is a major player in the Chinese auto finance sector, has been a partner of NETSOL’s for over a decade and a half,” said Najeeb Ghauri, Founder and CEO of NETSOL Technologies Inc. “As we embark on this transformative next step of introducing our Transcend platform to both new and existing customers, we are very pleased that this partner has decided to upgrade to Transcend products and would like to extend our deepest gratitude for their continued trust and partnership.”
NETSOL executed this transition seamlessly with zero go-live critical faults and
“In a strategic move towards revolutionizing its operational landscape, this client, a prominent figure in China’s automotive industry, has now deployed our AI-powered Transcend Finance Platform,” commented Amanda Li Linjie, President of NETSOL Technologies China. “This transformative leap is poised to propel the company towards unprecedented levels of performance, efficiency and competitiveness in the dynamic automotive market.”
About NETSOL Technologies
NETSOL Technologies is a global leader in delivering state-of-the-art solutions for the asset finance and leasing industry, serving automotive and equipment OEMs, auto captives and financial institutions across over 30 countries. Since its inception in 1996, NETSOL has been at the cutting edge of technology, pioneering innovations with its asset finance solutions and leveraging advanced AI and cloud services to meet the complex needs of the global market. Renowned for its deep industry expertise, customer-centric approach and commitment to excellence, NETSOL fosters strong partnerships with its clients, ensuring their success in an ever-evolving landscape. With a rich history of innovation, ethical business practices and a focus on sustainability, NETSOL is dedicated to empowering businesses worldwide, securing its position as the trusted partner for leading firms around the globe.
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This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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FAQ
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