Posted 04/17/07
Equipment Leasing and Finance Industry Further Explores Paperless TransactionsNew Foundation Study Offers Roadmap to Navigate Unique Industry Challenges Arlington, VA—April 17, 2007—The Equipment Leasing and Finance Foundation releases a new report today, Paperless Transaction: The Competitive Edge,” which will help the equipment financing industry understand how to take advantage of the benefits, address the challenges and envision a future of a full paperless business process. Due to unique industry characteristics, the report covers the special circumstances for equipment financing companies working toward even greater paperless scenarios.“With just under half of all businesses currently moving their business processes from paper to electronic automation, the equipment finance industry has been rapidly mobilizing to become a more automated industry,” said Foundation Executive Director Lisa Levine. “While the fastest growth segment for a paperless environment is financial services, the equipment financing industry, in particular, has had to consider its special conditions while converting to more paperless transactions. This report addresses those circumstances.” The Foundation study includes the specific benefits of going paperless and the obstacles to adoption and how equipment financing leaders and early converts will shape the guidelines for the industry “going paperless.” Also included in the study is how the secondary markets and Wall Street react to paperless transactions and the legal ramifications, ranging from enforceability to perfection of documents. Additionally, the report offers steps to going paperless and examples of a transaction from origination to completion with several case studies. Most notably -- due to the complexity of the equipment leasing and finance industry being equal parts legal, finance, accounting, tax, sales disciplines that must work in concert -- the report addresses most disciplines found in a financing company with sections tailored for their unique perspective. “This study lays a trail of breadcrumbs for each discipline to follow -- what they need to be thinking about, the current state of paperless as it relates to each of those disciplines, where it is going, and the regulatory hurdles that have been leapt and the precedents that are in place,” says Robert Rinaldi, National City Commercial Capital, LLC who was part of the study’s management group. He adds: “The study is very comprehensive. It basically provides a roadmap for the industry for what it would take to go paperless.” The report was sponsored by NetSol McCue Systems and produced by Buckley Kolar LLP. Members of the accredited media may obtain a full copy of the report from Suzanne Henry at 434-972-7278 or SHenry@elfaonline.org Equipment Leasing and Finance Foundation donors will receive a copy of the report at no charge. Non donors may download a copy of the study for $200 at http://www.leasefoundation.org/ /1. The Equipment Leasing and Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Primarily funded through donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. Foundation products include the Industry Future Council Report, the State of the Industry Report, and the Journal of Equipment Lease Financing and numerous research reports. Established in 1989, Founders include leasing industry member Paul S. Gass, the Equipment Leasing Association of America, and others. Visit the Foundation online at http://www.LeaseFoundation.org.
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