ALFA’s performance and scalability have long set it apart from other offerings in the marketplace. The bar has been raised further with ALFA v5.2 through a series of performance enhancements and optimisations in this latest release. Evaluations run at both CHP and independent facilities have proved that ALFA meets the performance requirements of some of the largest asset and automotive finance portfolios that exist in the world today. The addition of support for Microsoft SQL Server (one of various supported databases) further extends the systems landscape within which ALFA can operate.
The efficient enforcement of regulatory compliance is a challenging business issue, made worse as the burden of compliance has increased steadily throughout global asset finance markets, especially for consumer finance, during the past decade. To improve efficiency in this area, business rules in ALFA have been further enhanced to apply compliance controls throughout the agreement lifecycle. This additional capability allows business users to configure a regulatory framework within ALFA for automated compliance controls at each stage of a business process. This feature is being rolled out in North America to automate compliance with federal, state and local regulatory compliance requirements.
The bullet-proof accounting engine that underpins ALFA now has improved support for simple interest for the US market, as well as weekly rentals for the automotive sector. With actual/actual interest and asset-based depreciation, ALFA remains the most accomplished platform on the market. Further improvements to ALFA’s feature-rich lease administration platform include improved commission and subsidy structures such as partner margins, as well as multiple margin evaluation for the pricing of contracts. Insurance agreements, support for complex products, joint invoicees and advanced customer statement generation are also greatly enhanced.
A cornerstone of the advanced ALFA v5 technical architecture is the ease of integration with other systems. This capability has been further enhanced in v5.2 with significant additional web services, providing a library of standard interactions used most commonly in the asset finance industry. This is a great example of the benefits delivered by ALFA’s modern technical platform, simplifying the implementation effort for what would previously have required a much greater degree of customisation.
CHP has formed an alliance with Vertex, the leading supplier of tax software to the North American market. ALFA has been fully integrated with the latest Vertex Indirect Tax O Series® solution, providing the most advanced federal, state and local tax capabilities available in the asset finance market today. For jurisdictions with complex tax rules, this-joined up approach greatly eases the tax compliance burden, ensuring that operators are always up to date with the latest rules and applying the right tax treatment to every lease transaction. The solution takes further advantage of the Vertex Tax Area Lookup and Address Cleansing capabilities to ensure customer and asset location data is always accurate.
ALFA incorporates a framework, based on business rules and workflow, that differentiates between state and provincial regulatory compliance, including usury limits and fee processing. This framework streamlines end-to-end processes, enhances speed to market for new products, improves process completion times, and increases overall customer and dealer satisfaction.
ALFA has been expanded in several areas to provide enhanced support for US asset and automotive finance customers. Examples include further consumer finance-related changes, cementing ALFA as the leading solution for operators who offer both commercial and consumer, lease and loan finance. ALFA’s simple interest loan functionality has also been expanded to offer a wider variety of finance options and simplified administration of common processes, such as payment extensions and lease deferrals.
The ALFA proposition continues to offer demonstrable savings for the company, department and user. The latest efficiency gains in the industry’s highest performing user interface include new tools for the power user, such as blanket portfolio and contract change, keyboard shortcuts for frequent actions, and spreadsheet upload and download facilities. Enhanced background processing ensures the system is always optimised to the needs of the operator.