Peach announces launch of Self-Service Portfolio Migration™ tool
OAKLAND, CA / ACCESSWIRE / December 13, 2022 / Peach Finance, the leading API-first loan management and servicing technology platform, today announced the release of its Self-Service Portfolio Migration™ tool.
A first of its kind in the lending industry, the tool streamlines the migration process and gives lenders the ability to manage migrations themselves, reducing the time, effort, risk, and cost associated with migrating their existing lending portfolio. The tool is suitable for both installment loans and lines of credit, and is offered at no cost to lenders migrating their portfolio onto Peach's platform.
An excerpt from the press release
OAKLAND, CA / ACCESSWIRE / December 13, 2022 / Peach Finance, the leading API-first loan management and servicing technology platform, today announced the release of its Self-Service Portfolio Migration™ tool.
A first of its kind in the lending industry, the tool streamlines the migration process and gives lenders the ability to manage migrations themselves, reducing the time, effort, risk, and cost associated with migrating their existing lending portfolio. The tool is suitable for both installment loans and lines of credit, and is offered at no cost to lenders migrating their portfolio onto Peach's platform.
"When we founded Peach in 2018, the number one issue lenders identified was the challenge of migrating from legacy technology," said Eddie Oistacher, Peach co-founder and CEO. "Our Self-Service Portfolio Migration tool is a game-changing feature, and one we've been planning for the past year. Lenders will see drastic cost savings and an unprecedented ability to control the integrity of their data, along with all the benefits of moving to a modern and fully configurable servicing platform."
Portfolio migrations, also known as portfolio conversions, typically require lenders to migrate a vast amount of data using manual or file-based methods. It's an expensive and lengthy process that often leads to unreliable or incomplete data in the lender's new system.
Peach's approach is fundamentally different, and is made possible by their Adaptive Core™ and Loan Replay™ technology. Peach replays each loan based on a subset of data to accrue daily interest, calculate interest/principal splits and determine loan status. This drastically reduces the amount of data lenders need to migrate and gives them access to full loan histories in Peach's system.
And because lenders use the same API endpoints for the migration that they'll eventually be using to board new loans to Peach, they can conduct the migration themselves with almost no additional training. This eliminates dependencies on third parties, and enables lenders to take their timeline and the integrity of their data into their own hands.
When it comes to the migration itself, Peach's API-first architecture saves time and eliminates the need for manual data entry, minimizing mistakes. The migration can be automated in any sequence, while the migration system's sandbox testing capabilities give lenders full confidence in the accuracy of their data before moving to production.
"Many lenders are still handcuffed to legacy servicing tech for the simple reason that migrating their portfolio comes with too many risks and too many unknowns," said Stewart Watterson, Strategic Advisor, Aite-Novarica Group…(continue to ACCESSWIRE)
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See also: Fintech Nexus News feature on Self-Service Portfolio Migrations.