Welcome will use Target's system to process secured loans, unsecured loans and hire purchase agreements with the aim of optimising collections of its loan portfolios.

Robert East, CEO of Welcome commented, "Target's track record in the lending industry and service flexibility in matching systems costs with our reducing loan volumes was key to our decision. Implementing Target's loan administration software will allow us to manage our collections more efficiently with multiple loan products on a single platform, while reducing our overall costs and enhancing collections capability."

Commenting on this new contract win, James Snow, Sales and Marketing Director of Target Group said, "We're delighted to be working with Welcome and ensuring that Target's partnership approach helps Welcome to achieve efficient collections. We have outstanding credentials in delivering added value loan administration solutions to help our clients achieve their business objectives".