Financing across global markets

Epiroc uses Tieto Banktech ProFinance to manage leasing and hire purchase across global markets, automating financing processes while supporting local requirements and customer needs.

Global equipment financing

Epiroc supports customers in more than 150 countries. To manage financing across different markets and local requirements, it needed one flexible solution instead of separate financial systems. Tieto Banktech ProFinance provides an end-to-end platform for leasing and hire purchase across its global business.

The challenge

Flexibility across borders

Operating a global financing business means working across different legislative, regulatory and tax environments.

Epiroc needed the flexibility to serve different types of financing customers while delivering a personalized and streamlined service across markets.

Rather than operating separate financial systems in each market, Epiroc needed one solution that could support different financing requirements, languages and currencies.

The solution

One end-to-end financing platform

Tieto Banktech ProFinance automates Epiroc’s leasing and hire purchase processes across application, administration and accounting.

The origination functionality captures financing requests, collects the information required for quotes and credit assessments, finalizes contracts and produces the relevant documentation.

The back-end functionality activates contracts, manages invoicing and payments, and produces the required accounting. It also supports end-of-life management, including equipment upgrades and contract extensions.

Partnership at scale

Financing across 90 countries

Epiroc and Tieto Banktech have worked together for 12 years, with ProFinance enabling Epiroc to finance equipment across 90 countries.

Countries supported

Years of partnership

The benefits

Flexible financing at scale

ProFinance helps Epiroc manage financing across markets while automating processes and reducing operational complexity.

1

Adapt to local needs

The flexible system helps Epiroc support different financing customers and requirements across its global business without extensive system modifications.
2

Save time and workload

Streamlined and automated processes have reduced workload and improved service across Epiroc’s financing operations.
3

Reduce costly errors

Automation has reduced errors across accounting, invoicing and payments, limiting the impact of manual mistakes.

Customer perspective

For us, the flexibility in the system has been the best functionality, which means from an IT perspective we don’t have to make a lot of modifications if a specific case needs extra functionality. Through automation, we have also reduced costly errors, making our business better.

Anne-Mai Syrjala, Manager Business Systems, Epiroc Financial Solutions

Risk and compliance

Control from start to finish

Managing financing across many countries also means managing credit risk, compliance, accounting and reporting requirements.

ProFinance connects these processes within one end-to-end system, helping Epiroc manage financing from origination through contract administration and accounting.

The flexibility of the platform also allows Epiroc to adapt its financing model when requirements change.

Circular economy

Supporting equipment renewal

Flexible financing can also help Epiroc customers renew their machinery and maintain a modern equipment fleet.

The original case describes this as supporting mining and construction businesses in contributing to the circular economy, while helping them operate more efficiently through modern equipment.

Leasing also supports a shift from simply selling equipment towards providing access to equipment as a service.

Leasing and asset finance