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Heritable Bank, the property finance and savings specialists, saw 2005 as the opportunity to launch its own asset finance subsidiary company, Heritable Asset Finance Limited, to complement its existing residential mortgage and property development finance operations.
Phoebus was already used for the Bank's existing lending operations in residential mortgages and property development, so was the natural choice for the asset finance business. Installed in 1996 to support the property development finance operation, the system was considerably enhanced to cater for the launch of Heritable Bank's residential mortgage operation in 2003 and for the introduction of mortgage regulation the following year.
The asset finance operation's system is built on the mortgages and property development finance areas' existing system, and benefits from
- Redemption quotation and accounting within the new regulations
- The facility to handle partial redemptions and partial security sale with recalculation of instalments and/or term
- Ability to handle multiple assets
- Calculation of nominal and net yields as well as APR
The work was completed both on schedule and to budget, enabling Heritable Asset Finance to start accepting business a few days ahead of their original anticipated launch date.
Phoebus presented two key attractions for Heritable Bank when selecting a firm to provide a business processing solution. Firstly they were able to develop the product for Heritable Bank as they grew and launched into new markets. Possibly even more importantly, Phoebus staff have an excellent knowledge of the financial services industry and were able to appreciate the implications of various processing options available to Heritable Bank, saving time and effort in explaining these.
The main attraction of using Phoebus is that Heritable Bank has been able to integrate the lending processing software with its core financial system, so that the Heritable Bank group has just one overall lending system to maintain. An added benefit is that Phoebus staff have developed a good understanding of the 'corporate personality;' of Heritable Bank and know how they like to work and how they aim to communicate with their borrowers. They are also very responsive to any issues arising on Heritable's live system.
Heritable feel that Phoebus add value to their business with their in-depth knowledge of financial services, which enables them to create practical solutions for complex issues - an example of this is their Key Facts Illustration system which has received considerable praise from brokers for its reliability and ease of use.
Phoebus is a fully integrated multi-company, multi-currency banking system. Its customers use Phoebus for residential and commercial mortgages (origination and servicing) and retail banking business. Its functionality covers the following areas: fixed/notice deposits, current accounts, secured lending, HP and leasing, bank lending, treasury, revolving credit e.g. credit cards, securitisation, asset management, residential development finance, ledgers - general, fixed asset, sales, purchase.
To find out more about Phoebus contact Paul Hunt on 0121 493 6621.
Visit the Heritable Bank website at www.heritable.co.uk.
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