Foqus Finance: The global contract-management solution with the tailored local approach

One of the challenges that asset finance companies face when choosing contract-management software is finding a product that is both excellent at what it does and capable of meeting specific country requirements.

Software needs to be able to handle different language versions and local legalities without major engineering changes. Some packages – while technically brilliant – may lack the functionality for the specifics of contract management in a given country. A lot of extra coding is then required during implementation.

Other packages may have the requirements of many countries built into the core of the software package, which also makes implementations unnecessarily complex. You may only need the specifics for one country, but you’re forced to implement the software for all of them. This takes time and increases the risk of something going wrong.

Recognizing these challenges, we’ve recently shifted to a new model for our Foqus Finance contract-management solution for small- and medium-sized leasing and loan companies. We’ve created a worldwide version of Foqus Finance as a foundation upon which we can then apply local functionality in the form of different software extensions for various markets.

This is good news for Banqsoft customers and a significant step forward in our mission to deliver a world-ready financial software solution.

 

Foqus Finance running on Microsoft Dynamics 365 Business Central

The first version of Foqus Finance was launched in the late 1990s and we’ve been developing the software ever since. Today, it’s used by successful customers across the Nordics and Baltics.

We’ve always designed features into Foqus Finance that enable our customers to adhere to local laws and regulations. But we saw that there was a way to do this even more effectively – both for our customers and ourselves – by restructuring the software on the Microsoft Dynamics 365 Business Central platform.

Business Central is an integrated business-management solution designed specifically for small- and medium-sized enterprises. It's an extensible platform, which means that we can add new features and services without altering the base code. Business Central also comes with a localization strategy for countries and regions where Microsoft focuses on regulatory compliance and local functionality.

This is all music to the ears of any team responsible for developing, installing and maintaining localized solutions. Through Business Central, we’ve been able to develop a global contract-management solution that is light and flexible in terms of meeting local requirements through software extensions.

For example, in Denmark we’ve created an extension that handles specific Danish features for vehicle leasing, including Proportional Registration Tax and reporting to the authorities. We’re now building a similar Swedish extension that will also have specific functionality for vehicle leasing, as well as a way of integrating credit providers.

Easier onboarding and upgrades in preparation for growth

There are a whole bunch of reasons that this approach is good for our customers.

When entering a new country, we always assess the local legislation and then develop functionality accordingly. With these extensions, we can separate country-specific functionality from the core solution – making the system easier to install and thus speeding up our onboarding of new customers.

The extension model is also important from the perspective of handling upgrades. Previously, every time we rolled out a new version of Foqus Finance, all our customers would have to upgrade their core solution with the latest software. But now we can upgrade specific country functionalities only, without the need to install a new core. This reduces complexity and saves time for IT teams.

Foqus Finance customers can also enjoy the benefit of Banqsoft’s significant experience in all other aspects of asset financing. Our broader insights and capabilities are available when needed.

We’ve developed an agile and resilient operational model that helps our customers respond quickly to market changes and new local requirements. When combined with our new country-specific software-extension strategy, we’re able to provide leasing and loan companies with a full package for keeping pace with developments in different local markets.

Whether a company is seeking to enter a new country or enhance its operations in existing markets, Foqus Finance is very well-equipped for the job. With a robust global foundation and respect for local nuances, the solution empowers any small- or medium-sized leasing or loan company with ambitions for growth.