CHP Consulting has announced the release of Version 5.3 of ALFA Systems, the software platform used by top asset and automotive finance operations worldwide.

Functional highlights include:

Further automation: ALFA has been enhanced to increase system automation in key, high-volume processing areas, such as in-life contract changes and end-of-term processing. Coupled with workflow and rules-based automation, this provides the industry-leading efficiency that competitive operators demand for their investment.

Migration: ALFA’s migration suite, used to onboard contracts from legacy portfolio systems, has been enhanced to allow it to scale out and handle the exceptionally high volumes of the largest equipment and auto finance providers. Capabilities are in place to migrate off the most commonly used legacy platforms in the market.

Augmented data segregation: ALFA can segment a portfolio more effectively into logical business units, allowing a view into the portfolio that is customised according to the permissions of a particular user, team or division. This is essential for deploying a single instance into multiregulatory and multicompliance businesses, spanning states, countries and continents.

Business rules: A cornerstone of modern, efficient business processes is to maximise the use of automated decisioning during workflow processing. ALFA has been improved in this area, making use of the best technology available, to extend the deployment of user-configurable business rules into all aspects of compliance, workflow and transactions.

Integration: ALFA’s existing library of standard industry interfaces has been further extended with additional links to payment processing platforms and other industry third party service providers.

Web services: From the inception of ALFA v5, a service-based architecture has been at the heart of the platform and its ability to integrate effectively with both new and old systems in use at many asset and auto finance operators. The library of standard services has been further developed in v5.3 and now incorporates a best practice guide to enterprise integration patterns.

Steve Taplin, CHP’s Global Sales Director, said: “ALFA v5 continues to be the platform of choice for asset finance operators. As well as these many new features we’ve made advanced improvements to performance and benchmarking, added a raft of supportability features, and continued to invest considerable time and effort in research and development. We continue to take on more clients of all sizes.”

ALFA Systems v5 is in live production with various major clients, with a series of implementations also in progress.