Hyundai Commercial and Hyundai Capital have entered an agreement with asset finance software provider Cassiopae.

The deal, which began in June 2015, will see Hyundai Commercial offer its commercial finance services through Cassiopae V4.5 leasing software, with self-serve portals in Hyundai branches for its auto lease products.

Cassiopae said the implementations in South Korea are the first in a multi-year project, which will involve further countries and other business units.

The implementation of the agreement will see 19 million contracts and 58 million deals, including credit finance, from Hyundai Capital and Hyundai commercial migrate to be integrated into the Cassiopae system.

According to Cassiopae, over 4,500 Hyundai users already interact with its system, with over 3,500 deals processed within the first few weeks of production.

Gun Woo Kim, chief investment officer of Hyundai Capital, Hyundai Commercial, an Hyundai Credit Card said: “Hyundai Capital has integrated auto lease, auto instalment, and retail loan into one single system based on the Cassiopae solution.

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By GlobalData

“This is the first successful case of applying a packaged solution to core financial business in Korea and Hyundai Capital has a plan to deploy this platform to its global business entities.”