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IA Systems, Inc. Develops First Interactive Interface to CUDL

(Albany, NY) October 27, 2004  CU Direct Corporation (CU Direct), which administers Credit Union Direct Lending (CUDL), and IA Systems, Inc. (IA) announced today that they have built an interface between CUDL and the decision engines of StreamLend^TM, IA’s automated, paperless loan processing software.

CU Direct’s CUDL system is the nation’s largest point-of-sale lending network for credit unions. IA Systems is a leading provider of loan origination software for credit unions and other financial institutions.

This joint collaborative effort, initiated in June 2004, has produced a state-of-the-art, web services, XML interface that meets the Standards for Technology in Automotive Retail (the STAR standard), an auto-industry-wide initiative to create voluntary IT standards for how manufacturers, dealers, and customers communicate with each other. Virginia Credit Union, a $1.2 billion institution that is one of the top 75 credit unions in the U.S, has been using the interface successfully since September 21, 2004, when they first went “live.”   

Deborah C. Ryan, CEO of IA Systems, noted, “Our goal is always to help lending institutions fund more loans to more borrowers. Our new interface does this by expanding the decisioning offerings of CUDL, and it will open the door for many of our clients who do not currently have an indirect lending program already in place.”

The IA Systems interface for StreamLend is unlike other CUDL interfaces because it is the first deployed CUDL interface that connects directly to the lending decision engines that reside at the credit union.

Sherryl Gould, Assistant Vice President of Loan Administration at Virginia Credit Union, noted, “We now have an interface that allows us to approve more loans and reduce costs because IA’s powerful new technology tightly integrates CUDL’s decision process with our own decisioning rules.”

As a result, Gould stated, Virginia Credit Union expects their business will grow significantly since their loan decisions will be returned to dealerships faster, even during off hours, evenings, and weekends.

Kip Haas, Chief Information Officer of CU Direct, said, “This is part of CU Direct’s ongoing mission to serve credit unions by providing the products and services that enable them to increase their auto loan portfolio.  In an industry driven by speed and efficiency, we are pleased to have such a high-quality, state-of-the-art interface to enhance our product offerings.”

“IA Systems worked closely with CU Direct to build a new architecture that facilitates interactive, automated loan processing,” stated Frank P. Gazeley, Director of Sales and Marketing at IA Systems. “Together, we have created a powerful interface that takes full advantage of the capabilities of both organizations so that a lending institution can approve more loans automatically, thus saving significant time and money.”

For more information about IA Systems  or StreamLend™, please contact, Penny Perkins at 518-862-9200 ext. 279, or pperkins@iasystems.com.

About IA Systems, Inc.

IA Systems (IA) is a leading provider of loan origination software for credit unions, banks, and other financial institutions.

In 2000, Securian Financial Group (SFN), based in St. Paul, Minnesota, purchased IA Systems, giving IA the backing of a parent company with $23 billion in assets. As an affiliate of SFN, IA Systems is represented by a national sales force that promotes the company's flagship product: StreamLend^TM, a paperless loan origination software system that automates the lending process. 

StreamLend is the only paperless, end-to-end loan origination software system that seamlessly integrates with all sales channels to provide financial institutions with the ability to automate their entire lending process. StreamLend’s modular approach also allows organizations to automate specific segments of their lending process, including direct, indirect, consumer, Internet, and home equity loans.

Headquartered in Albany, NY, the heart of New York’s Tech Valley, IA Systems has seen annual sales growth of 40% for the last three years and now provides our StreamLend suite of fast decisioning, automated workflow, and risk management tools to more than 125 financial institutions worldwide.
     For more information, visit IA Systems online at www.iasystems.com or call 800.803.7554.

About CU Direct

Based in Rancho Cucamonga, California, CU Direct Corporation (CU Direct) is the leader in indirect lending services for the credit union industry.  As a result of its recent acquisition of Indirect Services Inc., CU Direct administers both the Credit Union Direct Lending (CUDL) and DecisionApp programs, which allow members to receive credit union financing at the auto dealership through an automated decisioning system. As a Credit Union-owned Service Organization, CU Direct develops custom applications, training and marketing programs to help credit unions achieve their indirect lending goals.  Participants include approximately 5,700 dealerships and approximately 430 credit unions in 33 states across the country.  For more information on CU Direct, visit www.cudirect.com.

  About Virginia Credit Union (VACU)

Serving its members’ financial needs since 1928, Virginia Credit Union (VACU) was originally chartered as State Employees’ Credit Union, Inc. Today, VACU’s diverse field of membership includes employees and retirees of Virginia’s state and local governments, as well as several other approved groups. VACU is the largest state-chartered credit union in Virginia and is one of the top 75 credit unions in the United States. With assets exceeding $1.2 billion, VACU has 450 employees serving more than 160,000 members. VACU also has a rich legacy of community service including offering volunteer and financial support to a wide variety of community organizations, providing educational programs for schools and groups, and sponsoring scholarship programs for colleges. For more information, visit VACU online at www.vacu.org.

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