NetSol Technologies announced the upgrade of the NetSol Financial Suite (NFS) - Wholesale Finance System (WFS) in the United States and Canada, providing customers with the option of implementing the platform under a Software-as-a-Service (SaaS) model.

"Since the first introduction of NFS-WFS in North America, we have diligently worked to create what we believe to be the industry's most robust end-to-end solution for dealerships and financing companies available," said Najeeb Ghuari, CEO of NetSol. "In Asia we have built an industry leading position, and are looking to emulate that success in North America, where financing volume has returned to expansion mode and expected to surpass $740 billion in 2013 according to recently released data."

WFS automates and manages the lifecycle of stock and inventory financing activities for dealerships and resellers through funding from banks and finance companies. The solution is comprised of a Credit Request Management Module (CRM), Loan Management Module (LMS), Billing & Settlement Module (B&S), and Dealer & Auditor Access (DAS) Portal. The design of the system is based on the concept of one asset/one loan to facilitate asset tracking and costing.

"The dealer portal, with its ability to split interest, subsidy and commission to any number of parties, along with tremendous flexibility in defining rates and plans, are some of the standout features of the system," Ghuari added.