Netsol Technologies, a US-based provider of IT services for the global asset finance and leasing industry, has signed a contract with the UK’s Allica Bank to supply its cloud-based subscription platform.

This implementation marks the second rollout of NFS Ascent in the UK, Netsol said. 

The contract with the SME specialist lender and asset finance provider involves the implementation of Netsol’s retail platform, including its Omni Point of Sale solution (Omni POS) and contract management system. Bedding down of the product is expected to take less than six months.

In June, Allica Bank said it was poised to unveil an asset finance division later in the year and appointed Richard Cameron to head it up. The company was granted a banking licence in September 2019 and is backed by Warwick Capital Partners.

Asad Ghauri, president of Netsol Technologies, Asia Pacific & group managing director of Netsol Technologies Europe, said: “We look forward to a strong, long-term partnership as its asset finance business rapidly develops and evolves. 

“We are now gaining momentum in our SaaS strategy with several back-to-back wins as our customers begin to realize the benefits from subscription pricing. 

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“This is a game-changing model for Netsol and gives us a stronger, sustainable and more predictable revenue outlook. We continue to build momentum on our SaaS offerings with a strong and growing pipeline of opportunities. 

Najeeb Ghauri, co-founder, chairman and chief executive of Netsol, said: “With the Ascent platform, we provide pre-built standard interfaces, regulatory framework and many other important pre-set configurations that are available from the word ‘go’ 

“The end result is fast implementation, maximizing value and minimizing risk for our customers,” he said.