EXTON, Pa.--(BUSINESS WIRE)--Automated Financial Systems, Inc. (AFS), is pleased to announce that AFSCommerce®—our private cloud-based offering for loan processing—volumes reached a record level of $167 billion in December 2013, according to John H. Shain, President of AFS. This compares to $127 billion processed at year-end 2012.
“The advantage of AFSCommerce for customers is the easy and quick adoption of a variable priced transaction model. Not only do banks get the ability to pick and choose market and product offerings, they also get access to the full scope of the AFS leading credit information-based solutions. We complement the technology with the same experienced professional staff that supports the majority of the largest banks in the country,” said Shain.
Current product deliveries support a full range of lending, including syndicated lending, commercial, commercial real estate, agricultural lending, and other specialized lending targeted at corporate, commercial, small business, retail, and wealth management markets. “In addition to current and ongoing product delivery capabilities, AFSCommerce also provides customers the ability to comply with the new data capture and CCAR report requirements of the Federal Reserve designated as CCAR participants: SIFI, CCAR, DFAST, and FBO banks,” according to Shain.
Started in 2000, AFSCommerce—the private cloud offering—was developed as an alternative delivery channel to the traditional software license model. “Over the past few years, the flexibility of the private cloud offering has been adopted by a wide range of participants, including specialty lending, new market, and new product offerings, as well as full commercial loan processing for global banks, money center banks, large regional banks, specialty lenders, and commercially-focused community banks.”
About Automated Financial Systems, Inc.
Automated Financial Systems, Inc. (AFS) is the global leader in providing commercial lending solutions to top-tier financial institutions with more than $2.2 trillion in commercial, commercial real estate and consumer loans being processed on our solutions for banks that include two-thirds of the top 25 U.S. banks and bank holding companies. AFS works with the world’s financial institutions to build lending processes based on a straight-through model and on-demand technology and services. AFS partners with client banks to understand their strategic goals and works proactively to achieve their business and technology objectives. AFS is headquartered in Exton, Pennsylvania, a suburb of Philadelphia; its European subsidiary, Automated Financial Systems GmbH, is based in Vienna, Austria.