Equifinance migrates secured loan portfolio to Phoebus

Equifinance has migrated its existing secured loan portfolio onto the Phoebus Software Limited (PSL) account servicing product, following the signing of a five-year contract.

The loans were migrated utilising PSL’s dedicated migrations and originations application programming interface (API).

PSL’s API allows every transaction, record and image held within the host servicing system, or originations platform, to be seamlessly transferred onto Phoebus Servicing for automated primary servicing and arrears management.

Alongside the migration, PSL’s originations API has also been successfully implemented, which provides the ability to onboard new loans directly from Equifinance’s origination platform onto Phoebus Servicing.

PSL sales and marketing director, Richard Pike, said: “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.”

Equifinance finance director, Chris Payne, added: “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.”

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