30,000 Loans Originated Per Month on Automated Financial Systems' ASP Platform; Banks Adopting One Solution for Both Commercial and Consumer Loan Origination.EXTON, Pa. -- Automated Financial Systems (AFS-Exton) announced that more than 30,000 loans are originated per month on the company's Application Service Provider (ASP) platform, AFSCommerce. The company's loan volume has tripled over the last 12 months. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lee Kidder of TowerGroup, "...the AFSVision platform (delivered through AFSCommerce) represents a noteworthy leap in loan systems and offers a compelling business case to commercial lending in terms of cost efficiency, risk management, customer service and revenue generation, all derivable from the original premise of straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. ." AFSCommerce is a browser-based delivery system that automates commercial and consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. operations and reduces associated costs. AFSCommerce integrates origination, approval processes, loan accounting and portfolio management. "Many bankers are being pressured to reduce the fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). associated with lending while staying competitive," said John Shain, president of AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System . "AFSCommerce enables banks of any size to leverage a world-class infrastructure and staff without the cost of building that environment. Our bank customers are improving earnings through reducing revenue leakage, managing price exceptions and reducing credit risk. AFSCommerce is flexible enough to deploy one system for virtually all major types of loans, while accommodating the unique needs of our customers." Banks using AFSCommerce have assets ranging from $1 billion to $235 billion. Sovereign Bank (NYSE NYSE See: New York Stock Exchange : SOV SOV Share Of Voice SOV Single Occupancy Vehicle SOV Subject Object Verb SOV Separation of Variables (differential equations) SOV Shut Off Valve SOV Space Operations Vehicle SOV Scars of Velious (Everquest) ), based in Reading, Pa, was the first bank to use AFSCommerce in 2000. AFSCommerce blends processing, workflow management and analytical technologies, to eliminate redundancies in the loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. process, increase data integrity and integrate lending information organization-wide onto a single platform. AFSCommerce functions include: --Loan origination and decisioning --Account setup and maintenance --Exception processing and risk management --Loan processing --Payment processing (mail, branch and back office) --General Ledger account reconcilement --Management reporting --Service level management (resources, availability, timeliness, performance) --Operational change management (planning, coordinating and implementing client-requested process changes) --Systems configuration management --Business Continuity planning and service About AFS With more than 34 years of experience in delivering financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. software, AFS is the industry leader in the execution of lending and treasury management solutions for top-tier financial institutions, including its fully integrated Application Service Provider (ASP) delivery AFSCommerce(TM). AFS is the only business partner willing to use its capital and technology to guarantee accretive earnings within each client's business model, creating a no-risk solution. The firm has headquarters in Exton, Pa. and internationally in Vienna, Austria. For more information, visit the company Web site at www.afsvision.com. Chart Available for download at http://www.afsvision.com/whyafs/index.cfm. |
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