(via Thenewswire.ca)
Red Deer, Alberta / TNW-ACCESSWIRE / November 6, 2014 / Rifco Inc. (TSXV: RFC) is pleased to announce that its wholly owned subsidiary Rifco National Auto Finance ("Rifco or Company"), has successfully completed its anticipated data conversion and roll out of a new Loan Management Software ("LMS") solution. The Company selected a LMS solution from Dominion Leasing Software ("Dominion") called LeaseComplete.
With Rifco's historic growth and ambitious plans for the future, it became evident that a more scalable and robust platform for the management and accounting of Rifco's finance receivables was necessary.
The software selection process became purposeful in January 2013. Many months of project specification and configuration work, custom third party interface creation, and user acceptance & compliance testing, led to an October 2014, data conversion. Approximately 27,000 active and inactive loans including over 34,000 customer records, and over 1 million account notation comments were converted and imported into the new software. An October 9th 'go live' date, resulted in all customer service interaction, and transaction processing now being facilitated by the new LMS solution.
Some minor (expected) disruption to operational processes occurred during the software transition, as Rifco team members were re-oriented to the new software interface. The positive adoption of the software by the Rifco team has meant that the disruption was contained and is now largely concluded.
The new software will provide Rifco with the ability to continue its growth toward a $500 million per year vision with improved scalability, security, configurability, management reporting, and efficiency.
While reaching the 'go live' stage of the project is an important milestone, further implementation of non critical features will continue for some time and will provide additional functionality.
Management would like to thank the implementation team members from both Dominion and Rifco for their tireless work during this conversion and implementation.
All of Rifco's finance receivables are consumer automobile installment loans. While the Dominion software solution has the ability to manage leases, Rifco has no immediate plans to originate or manage lease contracts.
About Dominion Leasing Software
Dominion Leasing Software is a leading provider of software and services to the equipment finance and retail lending/leasing industries. LeaseComplete, its flagship lease accounting and asset management system, is widely recognized throughout Canada and the USA as the premier custom solution for both vehicle and equipment portfolio administration. Renowned for superior customer service, Dominion counts among its diverse client base a large number of banks, credit unions, auto finance companies, trucking companies, and independent lessors. For more information on Dominion Leasing Software, please visit www.dominionls.com
About Rifco
Rifco Inc. operates through its wholly owned subsidiary Rifco National Auto Finance Corporation to provide automobile loans through its dealership network across Canada.
Rifco National Auto Finance provides consumers with financing options on new and used vehicles. Rifco specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives. Rifco's quick credit decisions, common sense lending, and expedited funding processes give its dealers better financing options and more closed deals. Rifco's most successful partnerships result in "Fast Forward 500 Club" status for its loyal dealerships.
Rifco is committed to continuing growth. Key strategies for achieving this growth include the expansion of its automobile dealer base, excellence in credit and collections processes, and exceptional service to its Dealer partners and its customers.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.17 million shares outstanding and 22.70 million (fully diluted) shares.
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CONTACT:
Rifco Inc.
Lance A. Kadatz
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 EXT 7007
Fax: 1-403-314-1132
Email: kadatz@rifco.net
Website: www.rifco.net
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