By Business & Finance Phoebus Software Limited (PSL), one of the UK’s leading primary and special loan servicing solutions provider, is to launching in the Republic of Ireland. The launch is currently planned for Quarter Three, 2014.
PSL’s initial offering will consist of the highly automated Phoebus primary and special loan servicing solution; in the future it will also offer its full range of lending and banking software to the Irish market, which includes comprehensive originations and servicing for first and second charge residential plus commercial mortgages; development finance and bridging; asset finance and unsecured loans, and retail and commercial deposits.
PSL has undertaken a review of the Irish market and there is a particularly good fit between the Phoebus solution that successfully manages over £25bn assets in the UK today and the requirements of the Irish servicing market. Initial market research indicates that two of the Phoebus’ solutions in particular are key differentiators compared with other solutions currently available in the Republic; these are Phoebus’ integrated workflow solution which will enable highly compliant yet efficient servicing, and the Phoebus migration toolkit which allows efficient and accurate migration of assets from and to other servicing solutions.
PSL’s sales and marketing director, Richard Pike, says: “Phoebus is a very functionally rich, flexible servicing platform – it is used by the majority of third party servicers in the UK because of this. The solution has handled Euro mortgages previously and the servicing market In Ireland very much reflects the UK market in recent years. In this time PSL has become the servicing supplier of choice in the UK due to the requirements of this market environment against the functionality of the solution and so our expansion into the Republic of Ireland to offer the same proven market leading functionality is a natural progression for PSL.”
Irish mortgage market specialist David Guinane, country managing director at Rockstead Ireland, commented: “The servicing market in Southern Ireland is ready for new technology that drives operational efficiency and flexibility. Although a new player to the Irish market, because of its servicing pedigree in the UK, I believe the Phoebus solution will be highly attractive to both existing and new servicers and the Irish Banking market in general.”
