Following the signing of a five-year contract, Equifinance has successfully migrated its existing secured loan portfolio onto the Phoebus account servicing product. Migration took place over the weekend of the 8th August and the implementation project was delivered on time and on budget.
The loans were migrated utilising Phoebus Software Limited’s (PSL) award winning, dedicated migrations and originations application programming interface (API). This API allows every transaction, record and image from inception held within the host servicing system, or originations platform, to be seamlessly transferred onto Phoebus Servicing for automated primary servicing and arrears management to be undertaken.
Alongside the migration activities, PSL’s originations API has been successfully implemented, which provides the ability to onboard new loans directly from Equifinance’s origination platform on to Phoebus Servicing. This in turn speeds up the end to end process, reduces manual intervention and ensures data integrity.
Phoebus Software Limited’s sales and marketing director, Richard Pike, says, “Since day one there has been a great synergy between our businesses at all levels and a really smooth implementation has been achieved by way of a true partnership approach. Equifinance has exciting plans for the future and we look forward to continued success for both parties through the relationship over the coming years.”
Chris Payne, Finance Director at Equifinance, adds “Since the outset, PSL has impressed in terms of supplier interaction, and in the Phoebus servicing solution itself, we have no doubt we will achieve the desired return on investment. We now have the platform to continue our growth plans and look forward to a strong long-term relationship with PSL.”