Sopra Banking Software recently announced its Cassiopae leasing and financing software is now running live at Hyundai Capital America (HCA) in the United States.
Cassiopae, part of the Sopra Financing Platform, is now the servicing engine for HCA’s financing lifecycle. A key milestone in Hyundai’s global next-generation system rollout, the U.S. launch follows Cassiopae implementations at Hyundai Capital in South Korea and Hyundai China (BHAF).
Despite the unprecedented challenges of the COVID-19 outbreak, Sopra highlighted the 15-month project was delivered on time. The company explained the successful implementation was the result of an agile, trans-global team leveraging centers of excellence in South Korea, India and the U.S. More than 5 million contracts were migrated.
Sopra noted Cassiopae replaced several legacy financing solutions, saving HCA time and cost and enabling the business to keep pace with ever-changing requirements.
Cassiopae is currently managing more than 2 million active HCA contracts. The new system integrates previously separated retail and lease management systems.
Sopra pointed out HCA has already seen a 43% reduction in overlapping data among different functions within the company. Data volume has been reduced by two thirds and the captive expects a significant reduction in data errors.
Sopra went on to mention Cassiopae’s flexibility is enabling HCA to boost its marketing capabilities, making it easier to address changes in market conditions.
“Hyundai Capital America now has an advanced IT system best-optimized for its market,” said Hwanjun Yang, senior vice president and chief information officer at Hyundai Capital America. “The system will help facilitate Hyundai Capital Services’ ambitious global expansion plans.”
Over time, HCA said it expects additional benefits to include reduced time and cost, reduced time to bring new system to other Hyundai entities and better resource sharing among global entities.
Plans for bringing the system to additional Hyundai entities are underway, according to Sopra.
“We are really happy to work with Hyundai in this ambitious international project and to go live in the United States on time despite the Covid-19 situation. We look forward to the next phases of Hyundai’s global roll out,” Sopra Banking Software deputy chief executive officer Eric Bierry said.