Alfa, a global provider of IT services for the asset finance industry, has announced a series of improvements across its software, platform and service offerings.

In a statement the company said, Alfa Systems 5.6 includes:

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  • a redesign of its software user experience;
  • a new preconfigured edition of its Alfa Start software;
  • tools to enable the transition away from Libor (London Inter-bank Offered Rate) and similar interest calculation rates towards new, risk-free rates such as Sonia (Sterling Overnight Index Average) and Sofr (Secured Overnight Financing Rate); and;
  • the introduction of usage-based billing and cash accounts.

Andrew Denton, Alfa’s chief executive, said: “I’m delighted to announce the latest release of Alfa Systems. It includes an exciting overhaul of the entire UI and user experience, designed in close collaboration with our end-users and following ‘design thinking’ methodology.

“In usage-based billing and cash accounts, we’ve introduced some vital product changes to give asset finance businesses more flexibility in the way they do business in their market.

“We’ve also introduced Alfa Start, a preconfigured offering to get projects up and running quickly. Alfa continues to help people in asset finance operate efficiently and competitively.”

A developing market for asset finance start-ups

In March 2020, Alfa unveiled Alfa Start targeting the UK small to medium-ticket equipment finance market with its out-of-the-box launch.

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Sarah Taylor, senior project manager at Alfa, told Leasing Life at the time: “It’s been a year in the making, but we’ve also used our experience working in the UK by building on the principles and processes we’ve used in this market before.”

Taylor said that although this back-office offering was designed with middle-rung equipment leasing companies in mind, Alfa Start “delivers the full power of Alfa Systems”, the company’s purpose-built premium product typically used by larger and more established players.

In September 2020, Netsol Technologies, a US-based provider of IT services for the global asset finance industry, unveiled NFS Ascent for Start-ups, targeted at the industry players in Europe and the UK “looking to launch or grow their businesses with a quick and easy to use software-as-a-service (SaaS) package,” the company said in a statement.

“With the highly configurable software, Ascent for Start-ups’ pay-as-you-grow pricing model allows customers to unlock features incrementally as they scale and grow their businesses,” Netsol Technologies said in a press release.