Pastel innovates by taking personal financial management online

In a double innovation, Softline Pastel, leading South African developer of accounting and business software, has launched its first personal finance product, InCheck - and taken it online.

“There are personal finance management products out there that are based on the American banking system and so South Africans find them frustrating to use,” says Softline Pastel E-business divisional director, Nils Woxholt. “We set out to design a tool that was aligned with South African financial services regulations and South African banking practices and would, therefore, be comfortably familiar for local users.

“At the same time, a product of this sort allows us to introduce to the market an offering based on the latest trend in software delivery: software as a service (SaaS). Because SaaS enables the user to access a particular type of functionality on the Internet on a pay per use basis, we expect it to become the preferred software access option of the future.

“At the moment, though, it's unchartered territory for users. A product like InCheck is, therefore, an ideal opportunity for them to trial run SaaS in a safe online environment - because it's hosted by Softline Pastel, with all the security you could possibly wish for.

“InCheck also showcases Pastel's ability to deliver extremely affordable, easy to use and reliable solutions using technologies of the future - to address a profound pressure point for most people: their finances.”

InCheck allows users to view all their personal financial information on a single page, via a single sign-in. This eliminates the time and complexity of accessing separately the details of, say, a bond held at one financial institution, a savings account at another, and a share portfolio at a third.

“An added advantage, of course, is that by getting all your financial information in one place, you have a much better idea of what your financial situation really is,” Woxholt says. “So you're far better placed to make decisions about, for example, increasing or decreasing your investments or where to place your money so as to get the best interest rate. Best of all, you can do all this anywhere, anytime, as long as you have Internet connectivity.”

Subscription to InCheck is free for the first three months. Should users then decide to sign up, the annual subscription fee is a nominal R120. “The fee covers all functionality,” Woxholt says. “There are no hidden features that you have to pay more to get after your initial sign-up.

”Pastel does, however, have plans to expand InCheck functionality - without extra cost to the subscriber. “In effect, we'll turn InCheck into a content provision engine, once subscription levels reach a point at which comparative data can be made available. For example, fuel management is popular functionality elsewhere in the world, as many people record the amount of petrol they fill up with and the number of times they fill up in a given period.

“Without compromising anyone's privacy, we could provide comparative statistics for, say, all people driving a particular type of Volkswagen or Toyota, so that users can see whether or not they need to adjust their driving style - or get the car serviced more often.”

Softline Pastel managing director, Steven Cohen, says InCheck is a natural extension of the company's strategy of taking users beyond accounting. “The decisions about what you do next, in life and in business, are influenced by what you know about your money - and vice versa.

“Content, therefore, becomes an essential part of any software designed to help you manage your money. And the evolution of Softline Pastel online products into content engines automatically becomes the best way we can help people live more effective lives, in business and at home.”

For more information about InCheck, go to http://www.pastelincheck.co.za.