The Canadian Finance and Leasing Association (CFLA) has named PayNet as its Member of the Year 2014-2015, only the second time in over 20 years that the award has been given to a company rather than an individual.
The award is “our industry’s thank you to PayNet, Inc., to PayNet president and CFLA board member Bill Phelan and to his colleagues,” CFLA said, citing the company’s work to provide more detailed data on the association’s behalf.
This year saw CFLA launch the industry research and data page on its main website. “Our goal is to create a one-stop shop for data relevant to the asset-based vehicle and equipment finance business in this country,” explained CFLA chairman Eugene Basolini (RCAP Leasing, pictured above).
“A number of people have been enormously helpful in moving this forward with CFLA, generous with their information, generous with their time, but one has been especially encouraging and supportive from the very start,” Basolini added.
PayNet’s work for CFLA began some years ago when the company created quarterly reports on Canadian commercial credit trends including the quarterly CFLA Business Credit Delinquency Trends report and the Canadian Business Lending Index.
Now, PayNet has developed much-enhanced monthly indices of equipment finance in Canada, including monthly statistics on equipment finance originations by province and nine industry sectors. The existing 30- and 90-day delinquency indices will also be segmented by province and industry sector.
“These are new and innovative tools designed by PayNet that will soon appear on the CFLA website. PayNet has made a major contribution to the quality of equipment finance data CFLA can offer members,” remarked Basolini.
