Elapsed project time was faster than usual due to automation
Mortgage and banking technology firm Phoebus Software Limited has completed the migration of specialist buy-to-let lender Keystone Property Finance’s back mortgage book onto its servicing solution in just seven weeks.
Phoebus said that, due to automation, the elapsed project time from initial analysis through to migration go-live was faster than usual, with the migration itself taking place over a weekend and was live for users to service the loans immediately the following working day.
“Migrations can be notoriously complex no matter the size and numbers of accounts,” commented Adam Oldfield (pictured), chief revenue officer at Phoebus Software Limited. “We often hear in the market of migrations of relatively simple books taking several months and even over a year in some instances. For the Keystone book of accounts to be accurately migrated and live on Phoebus in less than two months is very pleasing.”
In May 2022, Phoebus and specialist buy-to-let lender Keystone Property Finance signed a four-year contract to onboard all new completions onto the Phoebus servicing platform.
The implementation was delivered in partnership with Keystone, utilising Phoebus originations and migrations API, allowing the seamless transfer of accounts from Keystone’s originations platform to Phoebus servicing on completion.
Keystone has various tranches of existing loans and following a successful go-live period, made the decision to onboard an existing portfolio of around £275 million onto the same solution utilising the migration functionality of the API.
“Our significant investment in the migration API added to our experience of over 30 years of handling migrations of varying sizes and makes Phoebus the absolute market leader in this mission critical area,” Oldfield stated. “The teams at Phoebus and Keystone worked incredibly well in partnership and to complete a migration in seven weeks is impressive, even by our high standards.”
David Whittaker, chief executive at Keystone Property Finance, commended the Phoebus team for “a sterling job, moving at pace to migrate the balance of the mortgage book onto the new platform.”
Whittaker added: “I’m not sure whether it was the fastest migration Phoebus has supported, but given the initial timeline indications from others, we’re over the moon that it was measured in weeks rather than months.
“Our group IT director was very impressed by the Phoebus team’s proactivity and engagement throughout the dash to get the migration over the line – with great leadership and technical expertise throughout.”
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