Pancredit Supports HP with Multi-million Pound Divestment Project
Pancredit, a provider of loan administration and intelligent software solutions for responsible lenders, has been instrumental in helping long-standing partner, HP Enterprise Services (HP), complete a multi-million pound divestment project for a major high street bank.
For over a decade, HP has provided dedicated outsourced loan management services to one of the UK’s largest high street banks. As part of this service offering, HP manages one of the largest portfolios of unsecured consumer loans in the UK, which is hosted on Pancredit’s flexible and interoperable platform.
The divestment project, as mandated by the European Union, has taken two years to complete and required HP to work closely with Pancredit in order to divide the loan portfolio in accordance with the bank’s programme of restructure.
“To divide one of the biggest portfolios of unsecured loans in the UK was extremely challenging and of huge strategic importance to both HP and our customer,” comments Nicholas Strauss, Account Executive at HP. “Pancredit is a valued partner and has played an integral part in ensuring our successful delivery of such a significant project. Requirements of the project constantly changed and Pancredit not only adapted to these changes quickly, it also made its experts available at short notice.”
As part of a number of integrated applications and bespoke services HP uses Core Pancredit, the firm’s flagship loan application, administration and collections system which currently serves a variety of other major UK banks and financial institutions.
Graham Donald, Managing Director of Pancredit, adds: “The divestment of the loan book was complex and time sensitive so we are pleased to have successfully delivered on such an important project for our long-standing partner HP. The flexibility of Core Pancredit enabled a smooth transition with no disruption to the consumer.”
The divestment received an award for ‘Best Project of the Year’ at an internal HP awards ceremony, beating off stiff competition from KPMG, Thorntons, AON and RBS.
Pancredit, which is part of the Equiniti Group, has 25 years’ of systems development experience in the UK lending marketplace. Its solutions are in use with a wide range of financial services clients, including banks, financial institutions, brokers, price comparison sites and unsecured lenders in consumer, automotive, retail and education.