Customer stories

Standard Bank Customer story

Issue link:

Contents of this Issue


Page 0 of 1

In 2018, Standard Bank set its sights on becoming the leader in the African vehicle and asset financing market, having identified this as a missing key part from its automotive and commercial value chain. To succeed in this field, the bank decided it needed to invest in wholesale finance and subsequently introduced a dealer floorplan system. Standard Bank required a system to help its clients grow their businesses across the continent through a flexible way of financing their assets. This had to span across the entire automotive and commercial ecosystem to fulfil its vision of offering automotive manufacturers, distributors and their dealer networks a single partner, providing comprehensive vehicle and asset finance capabilities across the African continent. After a rigorous selection process, Standard Bank enlisted the help of Apak Group, a Sopra Banking Software company, to implement its ambitious requirements. Senior figures within Standard Bank selected Apak Group and its wholesale finance system (WFS) because of its proven history of delivery and its status as a global leader in SaaS solutions. In addition, the configurable aspects of WFS meant there was an opportunity for Standard Bank to rapidly grow its business model throughout Africa, with the ability to replicate a base structure and add regionalized specific details for different countries. Both parties adopted a pragmatic approach to the implementation project, which allowed Standard PROJECT IN A NUTSHELL KEY FACTS ABOUT STANDARD BANK • Founded in 1862 • HQ in Johannesburg, South Africa • 50,000-plus employees • On-the-ground presence in 20 sub-Saharan African countries • Over 1,200 branches across the continent of Africa • Market capitalization of R289 billion (20 billion USD) for 2018 • Group headline earnings R27.9 billion (1.9 billion USD) for 2018 PROBLEM: Standard Bank wanted to expand their offering to include wholesale finance and required the implementation of a wholesale floorplan system over multiple countries. SOLUTION: SFP Wholesale, formally Apak WFS TIMELINE: 20 weeks "We selected Apak Group because of its proven track record of delivery over the past 40 years, which has largely contributed to its status as a global leader in Wholesale SaaS solutions. As well as Apak's global footprint, its extensive market knowledge and expertise within the South African region was very appealing, and the flexibility offered by the WFS platform allowed for a quick delivery, which met, and exceeded, the core requirements needed for the project to be delivered successfully" Dean Morsner, Head of Wholesale Finance IT at Standard Bank South Africa

Articles in this issue

view archives of Customer stories - Standard Bank Customer story