Published on 06 May 2010

Close Aviation Finance, a finance provider for all types of aircraft and a division of Close Asset Finance, has migrated its aviation portfolio onto CHP Consulting’s ALFA Systems software solution.

The portfolio comprises highly structured, variable rate asset finance agreements administered in multiple currencies. This is the latest of several migrations which bring essential systems consolidation and efficiency improvements to Close Asset Finance.

David Wilson, Operations Director at Close Asset Finance, commented: “A solid system platform is a fundamental building block for an asset finance company. Close is an acquisitive company and ALFA gives us the freedom to take on new businesses with the certainty that we can integrate them effectively and efficiently.”

ALFA Systems was implemented at Close Asset Finance in 2006 and is the system of choice for all leasing business. Since then, the platform has been used throughout the Close Asset Finance Group to administer its small- and middle-ticket portfolios, which includes commercial vehicles, construction plant, manufacturing machinery and print equipment. In 2009, Close Asset Finance and CHP Consulting commenced the project to migrate the Close Aviation Finance portfolio on to ALFA. Following a period of testing and reconciliation, the portfolio was put live on 31st January 2010.

Andrew Denton, Sales and Marketing Director at CHP, said: “This represents key progress in our journey with Close. ALFA comprehensively addresses Close’s requirements for complex, variable rate agreement structures, as well as the asset definition and service management requirements of aircraft finance. We’ve also improved the user experience and helped standardise processes across the various Close divisions.”

CHP and Close are currently working on the migration of the Kingston Asset Finance Limited (formerly known as Cattles Commercial Finance Limited) that was purchased by Close in 2005. This portfolio is managed on one of the Netsol systems, and its migration to ALFA will drive further efficiencies and reduce the cost of system ownership. The completion of this migration will see all of Close Asset Finance's leasing portfolios being managed on ALFA Systems.