First Customers for Alfa IQ

RNS Number : 2200A

Alfa Financial Software Hldgs PLC

01 February 2022

 

1 February 2022

Alfa Financial Software Holdings PLC

First Customers for Alfa iQ

Alfa Financial Software Holdings PLC ("Alfa" or the "Company"), a leading developer of mission-critical software for the asset finance industry is pleased to announce that Alfa iQ Limited ("Alfa iQ"), a partnership between Alfa and Bitfount Limited ("Bitfount") combining decades of asset finance expertise with deep artificial intelligence and machine learning capabilities, has secured its first revenue generating work.

First two Customer Projects

Alfa iQ spent 2021 engaged in prototyping work with Alfa customers which successfully validated the business benefit of artificial intelligence and machine learning applications within the asset finance industry.  Alfa iQ has now been engaged by two leading organisations, one providing automotive finance and the other business finance, to implement artificial intelligence and machine learning solutions within their businesses.

The projects build on two different applications of artificial intelligence and machine learning in asset finance: improvements to originations and workflow optimisation.

Andrew Denton, Chief Executive Officer of Alfa said:

"I am delighted that, having proven the opportunity in artificial intelligence and machine learning in the lending industry last year, Alfa iQ is moving from that exploration phase into practical application, and generating revenue in 2022 as planned. Moreover, I am excited to be starting on the journey of applying artificial intelligence and machine learning to help our customers optimise service levels and improve the quality of decision making to increase returns and alleviate risk."

Enquiries

Alfa Financial Software Holdings PLC Andrew Denton, Chief Executive Officer Duncan Magrath, Chief Financial Officer	[phone]
Tulchan Communications LLP James Macey White Victoria Boxall	[phone]

Notes to Editors

Alfa has been delivering software systems and consultancy services to the global asset and automotive finance industry since 1990.  Our best practice methodologies and specialised knowledge of asset finance facilitates delivery of large software implementations and highly complex business change projects.  With an excellent delivery track record spanning three decades, Alfa's experience and performance is unrivalled in the industry.

Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to replace multiple customer systems with our single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, Alfa Systems provides compelling solutions to asset finance companies.

Alfa Systems is currently used by customers or has live implementations in 26 countries and Alfa has offices in Europe, Australasia and North America.  For more information, visit www.alfasystems.com .

 

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