30,000 Loans Originated Per Month on Automated Financial Systems' ASP Platform

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Andrew McCaskill Media Contact for AFS William Mills Agency 678.781.7210

30,000 Loans Originated Per Month on Automated Financial Systems' ASP Platform

Banks adopting one solution for both commercial and consumer loan origination

EXTON, Pa., Sept. 13, 2004 — Automated Financial Systems (AFS-Exton) announced that more than 30,000 loans are originated per month on the company's Application Service Provider (ASP) platform, AFSCommerce. The company's loan volume has tripled over the last 12 months.

According to Lee Kidder of TowerGroup, ".the AFSVision platform (delivered through AFSCommerce) represents a noteworthy leap in loan systems and offers a compelling business case to commercial lending in terms of cost efficiency, risk management, customer service and revenue generation, all derivable from the original premise of straight-through processing."

AFSCommerce is a browser-based delivery system that automates commercial and consumer lending operations and reduces associated costs. AFSCommerce integrates origination, approval processes, loan accounting and portfolio management.

"Many bankers are being pressured to reduce the fixed costs associated with lending while staying competitive," said John Shain, president of AFS. "AFSCommerce enables banks of any size to leverage a world-class infrastructure and staff without the cost of building that environment. Our bank customers are improving earnings through reducing revenue leakage, managing price exceptions and reducing credit risk. AFSCommerce is flexible enough to deploy one system for virtually all major types of loans, while accommodating the unique needs of our customers."

Banks using AFSCommerce have assets ranging from $1 billion to $235 billion. Sovereign Bank (NYSE: SOV), based in Reading, Pa, was the first bank to use AFSCommerce in 2000.

AFSCommerce blends processing, workflow management and analytical technologies, to eliminate redundancies in the loan origination process, increase data integrity and integrate lending information organization-wide onto a single platform.

AFSCommerce functions include:

	Loan origination and decisioning
	Account setup and maintenance
	Exception processing and risk management
	Loan processing
	Payment processing (mail, branch and back office)
	General Ledger account reconcilement
	Management reporting
	Service level management (resources, availability, timeliness, performance)
	Operational change management (planning, coordinating and implementing client-requested process changes)
	Systems configuration management
	Business Continuity planning and service

About AFS

With more than 34 years of experience in delivering financial services software, AFS is the industry leader in the execution of lending and treasury management solutions for top-tier financial institutions, including its fully integrated Application Service Provider (ASP) delivery AFSCommerceT. AFS is the only business partner willing to use its capital and technology to guarantee accretive earnings within each client's business model, creating a no-risk solution. The firm has headquarters in Exton, Pa. and internationally in Vienna, Austria. For more information, visit the company Web site at www.afsvision.com.