News and research before you hear about it on CNBC and others. Claim your 1-week free trial for StreetInsider Premium here.
EXTON, Pa .– (BUSINESS WIRE) –
Automated Financial Systems, Inc. (AFS®) announced that AFS Level III ™ and AFSVision® are ready for all four SOFR rate methods (including credit sensitive spreads and compound rate and balance), as well as for processing several alternative rates (for example, Ameribor, Bloomberg Short-term Bank Yield Index (BSBY), Fed Funds and Prime Rate).
As a leading provider participating in the ARRC Business Lending Working Group, AFS appreciates the complexities and challenges presented in transitioning from LIBOR to other interest rate methods. With Federal Reserve reviewers indicating that banks should be ready to stop issuing LIBOR-based contracts by December 31, 2021, it becomes even more critical that banks and their systems be prepared for a transition into smooth and operationally sound. Since 2018, AFS has been at the forefront of market specification analysis and invests resources in preparing AFS Level III and AFSVision systems for every possible LIBOR transition scenario.
“With our direct involvement in market and regulatory affairs for all segments of the commercial lending business, AFS has held a unique position in this process from the start,” said Dean Snyder, executive vice president of AFS. “Since January 2019, we have been an active member of the ARRC Business Loans Working Group. During this time, we worked hard not only to codify the pricing methodology, but to ensure that all AFS systems were ahead of the curve in supporting the final recommendations. ”
Our LIBOR transition team is ready to review your needs and guide your organization towards the right LIBOR transition solution. Email Dean Snyder at [email protected] to find out how AFS can help you.
AFS is the global leader in providing real-time, end-to-end commercial lending solutions to the world’s leading institutions. Uniquely dedicated to the financial sector in commercial lending, AFS is uniquely positioned to understand the business and technology goals of our clients, as evidenced by our solutions processing over $ 2.5 trillion in commercial, CRE and syndicated loans daily. AFS is headquartered in Exton, PA, with a branch in Brussels, Belgium. Please visit www.afsvision.com.
René Baron Coady, AFS
Source: Automated Financial Systems, Inc.