eFinance to Provide NEC with Online Credit Decisioning and Transaction Finance Technology
PALO ALTO, Calif. (March 22, 2001) eFinance Corporation and NEC Leasing
Services, a division of NEC Industries, Inc., today announced an agreement for eFinance, a credit decisioning
and workflow management technology company, to provide NEC and its dealers with a web-based, automated
loan origination platform for credit decisioning and documentation. The deal gives NEC, a global leader
and provider of Internet solutions for business, including the manufacture and sale of computers,
communications equipment, electron devices and software, the ability to offer dealers and distributors
online leasing and finance solutions for their customers using eFinance's Transaction Finance System (TFS).
"We were very impressed with eFinance's technology and their ability to understand our business.
They are able to deliver a platform for comprehensive online credit application decisioning and
documentation at the Web point-of-sale," said Herschel Salan, Director, NEC Industries, Inc.
"With the eFinance technology, we can close leasing deals quickly and efficiently, and we can
offer our dealers and resellers improved convenience and flexibility."
NEC Industries will use the eFinance TFS in their online operations. With this technology platform,
NEC can offer its customers an online credit application, real-time credit decisions that incorporate
multiple business information and credit scoring databases, and point-of-sale documentation, including
lease agreements and UCC filings. eFinance will also provide NEC with proprietary fraud detection
technology that will enhance NEC's underwriting process.
"NEC is a global technology leader, and they are very focused on helping their customers improve their
businesses," said Reid Rutherford, CEO of eFinance Corporation. "Our Transaction Finance System will be
seamlessly integrated into NEC's workflow process, which will contribute to improved productivity and
efficiency. The TFS provides NEC with a critical tool for improving revenue through faster lease closing
times, and it contributes to increased profitability by streamlining the financing workflow process.
We are very excited to be able to work with a company of NEC's stature and size."
NEC Industries' dealers and resellers will be able to use the TFS to process their customers'
credit requests, primarily for NEC telecommunications systems and computer hardware.
The dealers will access the TFS through the NEC Leasing Services web site
(www.neclease.com), using a password-protected system.
About eFinance Corporation
Founded in 1999, eFinance enables the real-time completion of online transaction financing for vendors,
e-marketplaces, financial institutions, and other companies with an e-commerce initiative. eFinance's
comprehensive and flexible financing solution provides credit decisioning and fulfillment at the Web
point-of-sale in addition to providing tools for management of complex credit workflows. The eFinance
Transaction Finance Systemä (TFS) accepts a credit application via the Internet; delivers an immediate
credit decision; creates and delivers documents online; and provides verification, funding, shipment,
and settlement notification. The eFinance platform can be seamlessly integrated into a company's
e-commerce initiative for transparent processing of credit and leasing options. With headquarters
in Palo Alto, California, eFinance is a privately held company led by seasoned professionals with
extensive experience in credit, financing, risk management, and technology. eFinance's investors
include CSFB's Sprout Group; NIF Ventures USA; Sanchez Capital Partners, and DigitalVentures.
For more information, please visit the company's Web site at www.efinance.com.
About NEC Industries, Inc.
Since 1986, NEC Leasing Services (www.neclease.com), a division of NEC Industries, Inc.,
has delivered flexible leasing and financial solutions to NEC customers nationwide. As an affiliate of
NEC Corporation, the company is positioned to offer the financial resources of a global technology leader.
NEC Leasing Services offers the best of both worlds: uncompromising excellence in financial services delivered
by professionals that understand technology. For more information about NEC Leasing visit the company's
web site at www.neclease.com. NEC Corporation and its affiliates worldwide are a $48 billion
(net sales 1999-2000) global leader whose 154,000 employees are dedicated to the development,
manufacture and marketing of leading-edge computer, communications and semiconductor products
Senior Director of Marketing