In December 2015 with assistance of USAID the first transaction of loan portfolio securitization took place in Armenia. There already have been several expertise evaluations of the importance of transaction for the Armenian economy.

   5 Universal Credit Organizations (UCO) using AS-Bank system - CARD AgroCredit, Garni Invest, Nor Horizon, Kamurj, and  Global Credit participated in the transaction.

   The main specification of the process is that the loan contracts selected by certain expertise evaluation should be moved to newly established Securitization Fund while the above mentioned UCOs should carry on their service.

   The following model was selected as the most efficient solution of the problem:

1. AS-Bank system was implemented in Securitization Fund to serve as a common database.
2. The process of automatic transfer of loan portfolios from the 5 UCOs to securitization Fund’s database and closing of loan and collateral contracts in each of UCOs was organized. 
3. The processes of portfolio’s further repayment service and accounting were automated in the Fund.

   It is worth noting that Armsoft did not spare effort  to complete the implementation on time, taking into account the importance of the transaction and the need to make the implementation in much shorter time period than the usual.