Asset Finance Technology

On the January 30, 2012, the Australian Attorney-General's Department (AGD) made live the new Australian Personal Property Securities Register (PPSR), allowing all registered Australian finance organizations to electronically lodge, amend and remove interests in registered securities.

The move heralds the start of a fundamentally new approach to dealing with security interest in almost all assets other than real property.

It completes a lengthy process that involved amendments to over 70 pieces of Commonwealth, State and Territory legislation as well as consolidating over 40 previously maintained registers.

Whilst organizations still have the ability to manually enter and vary securities through an on-line web-entry system provided by the AGD, many of White Clarke Group's customers took advantage of the alternate web services based solution offered by the AGD, through the use of the WCG RegistryConnect component.

Colin Fleischmann, director WCG Asia Pacific explained: "The RegistryConnect Component provides a seamless gateway to transacting with the AGD PPSR, providing additional 'rules driven', automated processes of our CALMS suite (of which the RegistryConnect PPSR solution forms a component). This level of automation has been proven to deliver substantial business benefits in operational efficiency enabling key, knowledgeable and experienced staff to be re-focused on business management, generation and customer service."

He added: "The RegistryConnect is yet another way WCG is continually focussed on maximising product investment, not only research and development, but ensuring that our customers have the best technology to run effective and efficient businesses."

NetSol Technologies, Inc. has won a new professional services contract with LTC Supply Source, an emerging partner in the long-term care industry's procure-to-pay arena based in Mesa, Arizona to implement the SAP purchasing platform and smartOCI Marketplace via NetSol's Vroozi division.

Under the agreement, NetSol will assist LTC Supply Source in building a fully automated portal using the SAP Supplier Relationship Management platform and the smartOCI marketplace, which allows multiple facilities and corporate offices to seamlessly connect with vendors and ancillary service providers, as well as purchase goods and services for facility operations.

The agreement is valued at approximately $1 million, which includes license and ongoing service fees.

Shaz Khan, senior vice president NetSol Technologies, COO and co-founder of Vroozi explained: "By combining our SAP professional services expertise in supply chain and procurement technologies with our own smartOCI e-commerce marketplace, we are able to help LTC Supply Source build upon its leadership position in providing procurement services for the long-term care industry,"

He added: "We look forward to a long and mutually beneficial relationship."

In addition, the parties have agreed in principle to build an industry solution extension for the smartOCI Marketplace, which will incorporate business processes and best practices in the long-term care industry. Terms for the solution extension have not yet been determined.

"We chose NetSol because of its years of experience in SAP implementation and the power of its smartOCI software to streamline the procurement process in an intuitive, easy-to-use interface," said Stephen Olds, CEO of LTC Supply Source.

NetSol's smartOCI product is designed to facilitate the B2B procurement process by providing companies with a powerful e-commerce search engine that improves purchasing efficiencies and delivers a compelling B2C like user experience in the B2B eProcurement space. The software allows companies to access their global suppliers and retrieve competitive pricing information to meet their purchasing requirements, as well as collaborate with their suppliers to exchange and publish catalog content.

It was last September that NetSol Technologies formed its e-commerce division, Vroozi, Inc., to provide a dedicated sales and delivery channel for the company's existing product line with smartOCI, as well as developing next generation e-commerce and search engine technologies.

The formation of Vroozi follows NetSol's recent signing of multiple agreements with Fortune 500 companies for its smartOCI product, which is designed to facilitate the B2B procurement process by providing companies with a powerful e-commerce search engine that improves purchasing efficiencies and delivers a B2C user experience in the eProcurement space.