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$1 Trillion of Loans Processed on Automated Financial Systems ASP Platform

Monday 5 April 2004 11:38 CET | News

Automated Financial Systems (AFS) have processed more than $1 trillion of loans on the companys Application Service Provider (ASP) platform, AFSCommerce, since April 2000. AFSCommerce is a browser-based delivery system that automates and reduces costs associated with commercial and consumer lending processed through the integration of the origination and approval processes, loan accounting and portfolio management. Banks using AFSCommerce have assets ranging from $1 billion to $235 billion. Sovereign Bank (NYSE: SOV), based in Reading, PA, was the first bank to use AFSCommerce in 2000. AFSCommerce includes both processing and workflow management technologies that eliminate redundancies in the loan processes, increase data integrity and integrate organization-wide lending onto a single system.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce