UK-based Equifinance migrates onto Phoebus Servicing product

By Megha Bhattacharya

Phoebus Software Limited (PSL) announced today that UK-based Equifinance has migrated its existing secured loan portfolio onto the former’s account servicing product, following a five-year contract. The company stated that the loans were migrated using PSL’s migrations and originations API. The API allows for the transfer of every transaction, record within the host servicing system of originations platform onto Phoebus Servicing for automated primary servicing and arrears management.

Phoebus Software Limited’s 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.”

According to PSL, its originations API has also been implemented, thus allowing Equifinance to onboard new loans from its origination platform to Phoebus Servicing. This is expected to accelerate the end-to-end process, reduce manual intervention, and ensure data integrity.

Chris Payne, Finance Director at Equifinance, 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.”

Recently, PSL announced that it has achieved over £60 billion in balances of loans and savings services on the Phoebus servicing platform.