TWO software specialists have launched a product to help large companies double check they are getting the best deal from the banks.
Mike Tinker and Graham Warnock have now set up a new company finanSystems, a division of Vivid UK of Marlow, to market the software programme which they call CheckInt.
They say it is able to provide information down to one hundredth of one per cent on quotes from the banks for loans, or when extending, swapping into fixed or variable rates, or terminating them.
The idea for CheckInt came after a client said he never checked his bank's quotes. It took about 14 months to develop and is aimed primarily at the corporate market, at organisations with bank and finance loans in excess of £5 million.
Mike said: "Interest rate management is important for virtually all companies. Research indicates that bank clients trust their banks to provide the best deal possible, but do not have the tools to regularly check a bank's quotes.
"CheckInt will allow the financial director or corporate treasurer to double-check the figures and negotiate on the deal if they believe the interest rate is not favourable."
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