The move, which comes after the lender signed a five-year contract with the specialist software provider, took place on time and on budget.

Richard Pike (pictured), sales and marketing director at Phoebus Software Limited, said: “Since day one there has been a great synergy between our businesses at all levels and a really smooth implementation has been achieved by way of a true partnership approach.”

The loans were migrated using Phoebus Software Limited’s (PSL) dedicated migrations and originations application programming interface (API).

The API allows every transaction, record and image from inception held within the host servicing system, or originations platform, to be transferred onto Phoebus Servicing for automated primary servicing and arrears management to be undertaken.

Alongside the migration activities, PSL’s originations API has been successfully implemented, which provides the ability to onboard new loans directly from Equifinance’s origination platform on to Phoebus Servicing. This in turn speeds up the end to end process, reduces manual intervention and ensures data integrity.

Chris Payne, finance director at Equifinance, added: “Since the outset, PSL has impressed in terms of supplier interaction, and in the Phoebus servicing solution itself, we have no doubt we will achieve the desired return on investment.

“We now have the platform to continue our growth plans and look forward to a strong long-term relationship with PSL.”

Pike added: “Equifinance has exciting plans for the future and we look forward to continued success for both parties through the relationship over the coming years.”