Alfa, creator of the asset finance software platform Alfa Systems, has announced a successful project completion with PEAC Finance.

Completed in July, the project delivered an Alfa Systems upgrade alongside the implementation of new business for the Barclays Asset Finance operation, acquired by PEAC in June.

The company indicated that the upgrade to Alfa Systems version 5.6 gave PEAC access to a wealth of new features, including support for risk-free interest rate products and usage-based billing, alongside a comprehensive redesign of the user interface to improve user experience and increase operational efficiency.

Aligned with a move to cloud infrastructure and a change of database technology to PostgreSQL, and bringing performance benefits and room for growth, the upgrade project laid a solid foundation for future portfolio acquisitions, according to Alfa.

PEAC also transitioned new business onto Alfa Systems for its recently acquired Barclays Asset Finance portfolio. The company said this required the launch of new products and changes to operational processes for PEAC in a short timeframe.

“We were delighted at the speed with which we were able to onboard the Barclays business to Alfa Systems, and how smoothly the upgrade progressed,” PEAC Finance managing director Steve Charlton said. “The delivery from Alfa was fast and high quality, and our close working relationship enabled us to meet the project timescales.

“We were able to onboard the new portfolio without the need for system enhancements, which reinforces our decision to implement Alfa Systems originally. We continue to benefit from the wide range of products and services it supports, allowing us to grow our increasingly diverse portfolio all on a single system,” Charlton continued.

The company added that work has already started to migrate the existing contract data from the Barclays portfolio into PEAC’s Alfa Systems application.

PEAC originally implemented Alfa Systems in 2017 in a year-long project, following its acquisition by HPS Investment Partners in early 2016.

“We’re delighted to have helped PEAC achieve so much in such a short timeframe,” Alfa client account director Geoff Walters said. “This success is testament to the close working relationship between the two organizations, and we’re pleased that another client has benefitted from the flexibility and quality of the Alfa Systems product. We’re now focused on completing the successful transition of the Barclays portfolio to PEAC.”