Bayside Business Solutions and FinSoft announced that they have partnered to develop an integrated data-reading tool for Bayside’s flagship product, CADENCE.

The CADENCE Collateral Reader is an interface that lets lenders mine aging reports and convert files into data for ineligibles analysis in CADENCE. Data can be imported from a wide variety of formats, including TXT, XLS, XLSX, CVS, RTF, DOC, DOCX, PDF and HTML.

“We’ve long offered our clients the ability to import electronic data, but the brilliance of the Collateral Reader is its ability to plow through complicated report layouts,” explained Jay McKinney, Bayside’s senior vice president of Operations. “The easy-to-use interface allows you to create your own templates for mining data and, importantly, easily change them later as your client data changes. Then importing data is as simple as selecting the template, browsing for the data file, and clicking the import button.”

“This joint venture expands the product footprint of our established technologies and it provides growth opportunities for both companies,” noted Joseph Caplan, FinSoft’s managing director. “We have provided download and ineligible calculations to the industry since 1998, but this is the first integration of our technology into an Asset Based Lending operations software package. We’re fortunate to have a strategic partner that possesses both the technological development team and the growing market presence to bring this together.”

FinSoft has developed and supported its suite of leading asset-based lending audit and analysis tools since 1996.

Bayside Business Solutions is a supplier of portfolio management software to the global commercial lending industry.