Alfa, the creator of asset finance software platform Alfa Systems, completed a project go-live with PEAC Finance.

Completed in July, the project delivered an Alfa Systems upgrade alongside the implementation of new business for the Barclays Asset Finance operation, which PEAC acquired on June 30.

The upgrade to Alfa Systems version 5.6 gave PEAC access to multiple new features, including support for risk-free interest rate products and usage-based billing, alongside a redesign of the user interface. Aligned with a move to cloud infrastructure and a change of database technology to PostgreSQL, the upgrade project laid a foundation for future portfolio acquisitions.

PEAC also transitioned new business onto Alfa Systems for its recently acquired Barclays Asset Finance portfolio. This required the launch of new products and changes to operational processes for PEAC in a short time frame and was achieved through the use of system configuration only in Alfa Systems, rather than by introducing new system enhancements.

“We were delighted at the speed with which we were able to onboard the Barclays business to Alfa Systems and how smoothly the upgrade progressed,” Steve Charlton, managing director of PEAC Finance, said. “The delivery from Alfa was fast and high quality, and our close working relationship enabled us to meet the project timescales.

“We were able to onboard the new portfolio without the need for system enhancements, which reinforces our decision to implement Alfa Systems originally. We continue to benefit from the wide range of products and services it supports, allowing us to grow our increasingly diverse portfolio all on a single system.”

Work has already started to migrate the existing contract data from the Barclays portfolio into PEAC’s Alfa Systems application.

“We’re delighted to have helped PEAC achieve so much in such a short time frame,” Geoff Walters, client account director for Alfa, said. “This success is testament to the close working relationship between the two organizations, and we’re pleased that another client has benefitted from the flexibility and quality of the Alfa Systems product. We’re now focused on completing the successful transition of the Barclays portfolio to PEAC.”

PEAC originally implemented Alfa Systems in 2017 in a year-long project following its acquisition by HPS Investment Partners in early 2016.