AFS Takes Industry Leadership Role to Promote Bank Compliance, Transparency, and Information Management
Media Contact:
Patricia McFeely
Director, Corporate Communications
Automated Financial Systems, Inc.
484.875.1376
pmcfeely@afsvision.com
AFS Takes Industry Leadership Role to Promote Bank Compliance, Transparency, and Information Management
Annual Educational Conference to Showcase Capabilities
EXTON, PA, February 13, 2003 - Today John Shain, the president of Automated Financial Systems, announced the availability of the new AFS version of its industry-leading loan accounting system, Level III™, version 8.3. "This latest version has been built to enable our customers to meet the new regulatory and compliance requirements that have recently been introduced through legislation, regulatory agency enforcement policies, new investment reporting standards, and heightened risk management in business practices. At the same time, the 8.3 version will greatly expand revenue and pricing options. With additional changes in architecture, AFS has been able to demonstrate significant cost reductions with this new release."
"Our goals are quite simple," said Shain, "to partner with our customers to give them the ability to compete effectively, maximize their business model, and enhance their ability to compete and prosper in a challenging and ever-changing world." AFS has assumed a leadership role in the development of solutions to meet banks' needs, he said, focusing on tools and strategies that banks can use to address credit risk, interest rate risk and operational risk. "Specifically, we have undertaken initiatives to address banks' increased need to gather information to monitor risk; to track and effect pricing based on both customer behavior and product; and to impact the cost and efficiency of delivery."
AFS' development focus has centered on standards and capabilities to support compliance with regulatory and market-driven demands for data, which are being fueled by a number of industry and legislative initiatives. These include the Patriot Act, Sarbanes-Oxley, Basel II, Shared National Credits, new standards for the Loan Trading and Sales Association (LSTA) with CUSIP trading requirements, OFAC, FinCEN, and other data integration and reporting issues, to name a few. AFS delivery standards and capabilities support banks' compliance and regulatory requirements while focusing on the ongoing need to enhance business drivers with more revenue opportunities at a lower cost. The future banking marketplace will require the ability to differentiate and execute unique business models with transparency and full compliance - leading to higher performance.
"The first step in this process is the need to accommodate the expanded data fields and data elements to support these new requirements," said Shain. "Along with exceptional new product, revenue and cost features, the new 8.3 version of the AFS Level III™ loan system will enable banks to meet these new compliance requirements." AFS' first client using these capabilities is set to go live in March 2003. Other recent endeavors include a credit-risk benchmarking service, which is the result of a strategic partnership between AFS and the Risk Management Association.
With Automated Financial Systems' (AFS') 2003 Educational Conference less than two months away, Shain also announced that the multidimensional needs of the financial service industry, including compliance, transparency and the availability of accurate information are at the top of the Company's agenda. During a three-day conference in Sarasota, Florida from April 6th to the 9th, AFS will showcase capabilities to meet each need through product demonstrations and a variety of presentations from internal experts, clients, and strategic partners.
About AFS
For more than 33 years Automated Financial Systems, Inc. has been working with the nation's top banks to help them stay ahead of the curve, with capabilities to drive new forms of revenue and achieve better organizational management through enhanced information. AFS' integrated solution has focused on providing the right access, at the right time, to the right user. The Company's success is dependent upon providing customers with the ability to navigate, perform and excel, and AFS is the only business partner willing to use its capital and technology to guarantee accretive earnings within each client's business model, both short and long-term, creating a no-risk solution.
The Company provides asset and liability products and services as an Application Service Provider (ASP) through its fully integrated e-business model AFSCommerce™, and AFS is the industry leader in the execution of lending and treasury management solutions for top-tier financial institutions. The firm has headquarters in Exton, Pennsylvania and internationally in Cambridge, England.
