Select Portfolio Services licenses AFS image-based remittance processing system

Source: Advanced Financial Solutions

Advanced Financial Solutions, Inc. (AFS), a developer of image-based remittance processing solutions for the mortgage and financial services industries, announced today that Select Portfolio Services, Inc., (SPS) has selected AFS ImageVision Remittance as the cornerstone of its new payment processing technology infrastructure.

AFS ImageVision Remittance is the industry leading image-based recognition, and remittance payment processing application.

Servicing approximately 300,000 nonprime residential loans, SPS is one of the largest providers of sub-prime residential mortgage loans in the United States. SPS selected the AFS ImageVision Remittance solution, and the full complement of AFS ancillary applications for remittance processing, to process all payment types, with high accuracy, at the lowest unit cost.

The AFS ImageVision Remittance solution will integrate and process both paper and electronic receivables (ARC) to accommodate SPS business needs while minimizing operational costs.

"Our AFS ImageVision Remittance Suite and ancillary applications are developed for organizations looking for a turnkey solution designed to meet today's changing business requirements and to interface to other business systems without costly third-party technical services," said Gary Nelson, president of AFS. "AFS ImageVision Remittance will process every type of payment - debit or credit transactions, through paper or electronic acquisition - while adding new capabilities and reducing operational expenses. Our primary goal has always been our customers' success and we are pleased to welcome Select Portfolio Services, Inc. to our extensive roster of clients that are realizing the benefits of image-enabled remittance payment processing."

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