PEAC Finance has completed a major project to upgrade Alfa Systems, alongside the implementation of new business for the Barclays Asset Finance operation which the European SME lending specialist acquired at the end of June. Completed in July 2021, the upgrade to Alfa Systems version 5.6 gave PEAC access to a wealth of new features, including support for risk-free interest rate products and usage-based billing, alongside a comprehensive redesign of the user interface to improve user experience and increase operational efficiency.
The lender said that the upgrade project, which also aligned with a move to cloud infrastructure and a change of database technology to PostgreSQL, delivered performance benefits and room for growth and laid a solid foundation for future portfolio acquisitions.
In addition, PEAC transitioned new business onto Alfa Systems for its recently acquired Barclays Asset Finance portfolio. This required the launch of new products and changes to operational processes for PEAC in a short timeframe, and was achieved through the use of system configuration only in Alfa Systems, rather than by introducing new system enhancements.
Steve Charlton, managing director of PEAC Finance (pictured), said: “We were delighted at the speed with which we were able to onboard the Barclays business to Alfa Systems, and how smoothly the upgrade progressed. The delivery from Alfa was fast and high quality, and our close working relationship enabled us to meet the project timescales.
“We were able to onboard the new portfolio without the need for system enhancements, which reinforces our decision to implement Alfa Systems originally. We continue to benefit from the wide range of products and services it supports, allowing us to grow our increasingly diverse portfolio all on a single system.”
Work has already started to migrate the existing contract data from the Barclays portfolio into PEAC’s Alfa Systems application.
Geoff Walters, Alfa client account director, said: “We’re delighted to have helped PEAC achieve so much in such a short timeframe. This success is testament to the close working relationship between the two organisations, and we’re pleased that another client has benefitted from the flexibility and quality of the Alfa Systems product. We’re now focussed on completing the successful transition of the Barclays portfolio to PEAC.”
PEAC originally implemented Alfa Systems in 2017 in a year-long project, following its acquisition by HPS Investment Partners in early 2016.